Petrobras completes 75% acquisition of Block 3 offshore São Tomé and Príncipe, debuts as operator outside South America

Petrobras takes 75% of Block 3 offshore São Tomé and Príncipe

Petrobras concluded the acquisition of a 75% stake in Block 3, an offshore exploratory area off São Tomé and Príncipe, and assumed operatorship of the asset on Thursday, 9 July, the state-controlled company announced. According to Valor and InfoMoney, the deal makes Petrobras the operator of the block and marks its debut as an offshore operator outside South America.

With the transaction closed, the consortium is composed of Petrobras as operator with 75%, Oranto Petroleum with 15%, and the Agência Nacional do Petróleo de São Tomé e Príncipe (ANP-STP) with 10%. Petrobras took over the majority position previously held by Oranto Petroleum Limited, which remains in the project with 15%, as reported by Piranot.

A reversal in Africa strategy

The move marks an inflection in the company's international strategy. Over the past decade Petrobras sold most of its African assets to concentrate investment in the Brazilian pre-salt and reduce net debt. Piranot reports the company now returns to the continent as majority operator of a new exploratory frontier. The sequence began in 2024, when Petrobras resumed investments and partnerships in Africa. On 17 April 2026 it signed the contract to acquire the stake in Block 3 from Oranto Petroleum, and the transaction closed on 9 July.

Petrobras said the operation is aligned with its Business Plan strategy of recomposing oil and gas reserves through the exploration of new frontiers, both in Brazil and abroad. The African deal follows a domestic move in June, when the company agreed to take 50% of Itaimbezinho in the pre-salt, reinforcing its exploratory portfolio, according to Piranot.

Key figures disclosed — and what remains unknown

The central data point is the acquired stake: Petrobras holds 75% of the block against 15% for Oranto Petroleum and 10% for the local state agency. That split defines operational control, economic exposure and responsibility for running the project.

• The financial value of the acquisition was not disclosed, leaving no public basis to measure the deal's weight on the company's cash position or the cost per stake acquired.
• No oil-volume targets for Block 3 were disclosed, so any projection of reserves, future production or financial return lacks public grounding.
• No drilling schedule, campaign budget or production forecast has been released.

Petrobras is a mixed-capital company listed on the stock exchange, and the absence of a price also limits the read for minority shareholders. What is confirmed is the change of strategy: after divesting in Africa to cut debt, the company is buying back into an exploratory asset and taking over its operation.

Next steps

The next practical stage is the public definition of the exploration plan for Block 3. The verifiable fact is the recomposition of Petrobras's international presence through a majority stake in São Tomé and Príncipe. The financial scale of the bet can only be measured once the company discloses the transaction value and the investment schedule for the block.