Brazil’s Petrobras secures PSCs for eight exploration blocks offshore Côte d'Ivoire

Brazilian oil major Petrobras (BVMF:PETR3, NYSE:PBR) is expanding its presence in West Africa after moving ahead with production sharing contracts (PSCs) for eight offshore exploration blocks in Côte d'Ivoire. In a media statement, the African Energy Chamber (AEC) described the deal as a “significant step toward unlocking the country’s largely untapped hydrocarbon potential.”

The agreements cover about 63,000 km2 of largely unexplored offshore acreage, with water depths ranging from shallow areas to more than 4,000 metres. According to the AEC, the deal reflects a growing level of international interest in Africa’s frontier basins and strengthens Côte d'Ivoire’s position as an emerging oil and gas destination.

The latest move follows Petrobras’ declaration of interest in nine offshore blocks last year. Agreements are now advancing for blocks CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701 and CI-702. Once completed, the contracts will further expand Ivory Coast's licensed acreage and exploration portfolio.

Côte d'Ivoire has attracted increasing attention from investors following recent discoveries, including the Baleine field – the country's largest hydrocarbon find so far – and the Calao discovery. The AEC said government reforms, improved fiscal terms and an active licensing programme have helped boost investor confidence. Nearly three-quarters of the country’s sedimentary basins are expected to be under licence in the near future.

“This is exactly the kind of strategic investment Africa needs,” noted AEC’s executive chairman NJ Ayuk. “Petrobras’ expansion into Ivory Coast sends a clear message to global investors that Africa’s frontier basins remain highly attractive, commercially viable and essential to meeting future energy demand. We encourage more international and indigenous players to follow this example and partner with African nations to responsibly develop their resources.”

According to the Chamber, continued exploration investment is important not only for energy security, but also for economic growth, employment and infrastructure development in Côte d'Ivoire and across Africa. Stable fiscal policies and continued licensing efforts would be essential to sustaining momentum and attracting long-term capital.

The AEC believes that Petrobras’ decision reinforces Africa's role in the global energy system and underlines the importance of developing the continent's resources to support both domestic growth and future energy demand.