Brazil's Petrobras to purchase offshore oil block stake in South Africa

02 October 2024 - 10:15 By Reuters
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Brazilian state-run oil company Petrobras said on Tuesday its board has given the green light to acquire a 10% stake in a South African oil block. File photo.
Brazilian state-run oil company Petrobras said on Tuesday its board has given the green light to acquire a 10% stake in a South African oil block. File photo.
Image: SERGIO MORAES/REUTERS

Brazilian state-run oil company Petrobras announced on Tuesday that its board gave a green light to acquire a 10% stake in the offshore Deep Western Orange Basin (DWOB) oil block in South Africa, according to a securities filing.

The purchase of the stake in the deep water field followed a competitive process held by French oil major Total, which operates the project and will retain a 40% stake in the block.


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