Cote d’Ivoire: Petrobras Takes 90% Stakes in Ivorian Offshore Blocks

Brazil’s Petrobras has signed production-sharing contracts for 8 offshore exploration blocks in Côte d’Ivoire, expanding its presence in Africa as it looks for new oil and gas reserves outside Brazil. Petrobras will operate each block with a 90% stake, while state-owned Petroci will hold the remaining 10%.

The contracts cover blocks CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701 and CI-702. Petrobras said the areas lie along Africa’s equatorial margin and share geological features with…