Petrobras negotiates for four offshore oil blocks in Ghana

Petrobras, the Brazilian state-controlled oil giant, has received authorization from Ghanaian authorities to negotiate exploration contracts for four offshore blocks in the Keta Basin.

The move comes as Ghana seeks to revitalize its petroleum industry following a significant decline in production. National output fell to 37.3 million barrels in 2025, down from over 71 million barrels in 2019. Consequently, oil revenues also dropped to approximately $770 million in 2025, compared to more than $1.36 billion in 2024.

Petrobras views the Keta Basin as a strategic frontier due to geological similarities with Brazil’s equatorial margin. While negotiations are ongoing, no specific investment amounts, participation levels, or drilling schedules have been announced. This initiative is part of a broader African strategy by Petrobras, which is also exploring opportunities in Namibia, Côte d’Ivoire, São Tomé and Príncipe, and South Africa.