Brazil’s Petrobras has signed an agreement to acquire 75 per cent stake and assume operatorship of Block 3 offshore São Tomé and Príncipe from Oranto Petroleum.

The oil block is currently held by Oranto Petroleum, which has a 90 per cent interest and acts as operator, alongside the National Petroleum Agency of São Tomé and Príncipe (ANP-STP), which holds 10%.

Following completion of the transaction, the consortium will comprise Petrobras as operator with 75 per cent, Oranto with 15 per cent, and ANP-STP retaining its 10 per cent stake.

The deal is part of Petrobras’ strategy to strengthen exploratory activities in Africa and diversify its portfolio, as the company seeks to replenish oil and gas reserves through new frontier exploration and partnerships.

Petrobras resumed activities on the African continent in 2024 and already holds interests in blocks in São Tomé and Príncipe.

Completion of the transaction is subject to customary conditions, including government and regulatory approvals in São Tomé and Príncipe.

Billionaire, Prince Arthur Eze, founded Oranto Petroleum as African-focused exploration and production group.

Oranto Petroleum holds 21+ oil and gas licences across 11 countries, including Nigeria, Liberia, and South Sudan.

Early this year, Oranto Petroleum secured four offshore blocks in Liberia (LB-15, LB-16, LB-22, LB-24) with plans to invest $200 million per block. (The Sun)