Brazil’s state oil company has bought three exploration blocks in the island nation of Sao Tome and Principe, which marks its return to Africa. The assets were previously owned by Shell, Reuters reported. After the deal, Petrobras will hold 45% stakes in two of the blocks and a 25% stake in the third one.
In July, Petrobras’ chief financial officer Sergio Caetano Leite told Bloomberg the company was on the lookout for potential asset acquisitions after spending years selling off stakes in upstream and downstream businesses. “Petrobras…Petrobras Returns to Africa with Shell Asset Acquisition
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