Petrobras (PETR4) acquired a 27.5%stake in block 4 (offshore) in Sao Tome and Principe on the African continent, joining Shell (30%, operator), Galp (27.5%) and ANP-STP (15%). The company has been operating in the country since February 2024, with participation in blocks 10, 11 and 13.
According to Bradesco BBI, the acquisition reinforces the state’s strategy in exploration in Africa and aligns with the diversification of its long -term portfolio, strengthening the company’s focus on new borders and partnerships in oil and gas exploration.
The BBI expects the amount paid for the participation to be low, given the highly exploratory feature of the asset.
Although not a significant acquisition, genius investments considered the event “bittersweet” to the thesis, as Petrobras needs to invest in new exploratory blocks as pre-salt production should begin to decline from 2030.
The approval of environmental licensing for the exploitation of the equatorial margin (a domestic and high potential solution) is still pending, forcing the company to resort to solutions that the genius considers less interesting.
The genius maintained a neutral recommendation and target price of R $ 44 for PETR4.
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Alexandre Pletes, a variable income head from Faz capital, points out that the area in Africa is still in the exploratory phase.
“This movement represents a portfolio diversification strategy and an attempt to ensure the ability to maintain high production in the future. For now, the operation has no great practical relevance, as additional studies will still be needed to determine the region’s actual oil and gas potential,” says the expert.
Pletes points out that the movement should be understood mainly as a long -term strategic bet. “In the short term, there is no significant impact on Petrobras’ actions. What can influence more immediately is the global scenario, especially eventual sanctions to Russia and the consequent rise in oil price. As for this acquisition itself, it is only natural portfolio diversification, without direct direct effects at the moment,” he concludes.
