- Petrobras has entered direct negotiations over four offshore blocks in Ghana’s Keta Basin.
- Ghana’s Energy Ministry approved the Brazilian state-controlled company’s application to negotiate exploration contracts.
- The talks do not amount to an acquisition, investment commitment or oil discovery.
- Petrobras is expanding across Africa as Ghana tries to reverse years of declining crude production.
The negotiations come as Ghana tries to attract fresh exploration after crude production declined to 37.3 million barrels in 2025, its lowest annual level in several years.
In a regulatory filing submitted to the US Securities and Exchange Commission on August 21, Petrobras said it had expressed interest in exploration blocks in the offshore Keta Basin.
Ghana’s Ministry of Energy and Green Transition subsequently approved the company’s application to negotiate exploration contracts covering four blocks.
The approval allows Petrobras and the Ghanaian authorities to begin direct discussions over the contractual terms. It does not mean the company has acquired the blocks or committed money to drilling.
No investment amount, exploration timetable or local partners were disclosed.
Ghana’s production problem raises the stakes
Ghana became an oil producer in 2010 following the development of the Jubilee field. Its other producing areas include the TEN and Sankofa-Gye Nyame fields.