Petrobras Eyes Ghana's Offshore Blocks Amid Declining Oil Production
Brazil's state-controlled oil company Petrobras has entered talks to explore four offshore blocks in Ghana, as the West African country seeks to boost its declining oil production. In 2025, Ghana produced approximately 37.3 million barrels of crude, down from over 40 million barrels in previous years.
The negotiations come after Ghana's Ministry of Energy and Green Transition approved Petrobras' application to negotiate exploration contracts covering the four blocks. However, no investment amount or local partners were disclosed. The approval allows Petrobras and Ghanaian authorities to begin direct discussions on contractual terms.
Ghana has been struggling to bring new oil projects into operation, with production declining as existing fields mature. The country's petroleum revenue fell to around $770.3 million in 2025, down from over $1.36 billion in the previous year.