Petrobras Eyes Four Offshore Blocks in Ghana's Keta Basin

Brazilian state-run oil major Petróleo Brasileiro S.A. - Petrobras PBR has taken a step toward expanding its international exploration portfolio after submitting an expression of interest for offshore exploration blocks in Ghana’s Keta Basin. Ghana’s Ministry of Energy and Green Transition has approved the company’s application to negotiate exploration contracts covering four blocks.

The approval allows Petrobras to move into direct discussions over contract terms and could establish a new foothold for the company in West Africa. The move is consistent with the company’s broader strategy of pursuing new exploration opportunities to replenish its oil and gas reserves and support long-term growth.

Keta Basin Offers Untapped Exploration Potential

The Keta Basin represents a largely underexplored offshore opportunity. The area has seen limited drilling activity, with only about six wells drilled since the 1970s and the last deepwater well completed in 2003. Although no commercial discoveries have been made so far, earlier wells encountered hydrocarbons, while geological similarities with proven petroleum systems in the Gulf of Guinea and Brazil’s Equatorial Margin provide a potential basis for further exploration.

Petrobras has also highlighted the geological similarities between the blocks in Ghana and Brazil’s Equatorial Margin, which the company considers one of its most promising oil frontiers.

Africa Becomes a Key Exploration Frontier

The Ghana opportunity reflects Petrobras’ increasing focus on Africa as an exploration destination outside Brazil. PBR CEO Magda Chambriard previously said the company planned to make Africa its main exploratory region beyond its home market in Brazil.

Petrobras has also been evaluating opportunities in several other African countries, including São Tomé and Príncipe, Namibia, Ivory Coast and South Africa. This broader approach indicates the company is seeking to build a diversified international exploration portfolio rather than relying solely on its mature domestic assets.

Ghana Seeks to Revive Oil Production

Petrobras’ interest comes as Ghana looks to encourage renewed exploration and investment in its offshore oil sector. The country’s oil production has declined by nearly half from its 2019 peak, increasing the importance of developing new resources.

Ghana plans to auction additional blocks after new seismic mapping improves understanding of the subsurface. Greater geological insight could help attract investment and improve the prospects of identifying commercially viable resources in underexplored areas such as the Keta Basin.

Strategic Boost for Petrobras’ Reserve-Replacement Efforts

For Petrobras, the potential Ghana entry fits into a wider strategy of replenishing reserves through exploration in new frontier areas at home and abroad. The company is also evaluating opportunities to diversify its exploration portfolio and strengthen its long-term growth prospects.

While the Keta Basin has yet to deliver a commercial discovery, its limited exploration history and geological similarities with established hydrocarbon regions could provide Petrobras with an opportunity to test a potentially promising frontier. The Ghana negotiations therefore represent another step in Petrobras’ effort to expand its exploration footprint in Africa while reducing its reliance on mature pre-salt fields in Brazil.

PBR’s Zacks Rank & Key Picks

Petrobras is the largest integrated energy firm in Brazil, and its activities include exploration and production of oil, as well as refining, processing, trading and transportation. Currently, PBR carries a Zacks Rank #4 (Sell).

Investors interested in the energy sector may consider some top-ranked stocks like Delek US Holdings, Inc. DK, Drilling Tools International Corporation DTI and HF Sinclair Corporation DINO, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Brentwood, TN-based Delek US Holdings is an independent refiner, transporter and marketer of petroleum products. The Zacks Consensus Estimate for DK’s 2026 earnings indicates 53% year-over-year growth.

Drilling Tools International is a global oilfield services provider focused on supplying downhole tools used in horizontal and directional drilling. The Zacks Consensus Estimate for DTI’s current quarter earnings indicates 200% year-over-year growth.

HF Sinclair is an independent energy company producing and marketing gasoline, diesel, jet fuel, renewable diesel, lubricants and specialty products. The Zacks Consensus Estimate for DINO’s 2026 earnings indicates 134.2% year-over-year growth.

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