Brazil's Petrobras to purchase offshore oil block stake in South Africa
Brazilian state-run oil company Petrobras announced on Tuesday, 1 October 2024 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.
Source: Reuters.
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.