Brazil's state-controlled oil company, Petrobras has entered direct negotiations with Ghana's government for four exploration blocks in the Keta Basin, as the West African nation seeks to reverse years of declining crude production.

The talks, confirmed in a regulatory filing with the US Securities and Exchange Commission on August 21, mark the latest step in Petrobras' deliberate expansion across Africa's Atlantic coast.

Ghana's Ministry of Energy and Green Transition approved the company's application to negotiate exploration contracts covering the four offshore blocks. The approval allows both parties to begin direct discussions over contractual terms but does not constitute an acquisition, investment commitment or oil discovery.

"Ghana's Keta Basin shares strong geological similarities with Brazil's Equatorial Margin, where we are pursuing new offshore reserves," Petrobras exploration and production director Sylvia Anjos said in a statement to Reuters. "We see commercial potential there, but these are early-stage discussions."

Petrobras developed much of its deepwater expertise in Brazil's Campos Basin. The company's profile states that technologies pioneered there helped establish it as a major offshore producer, experience it now directs toward African countries.

Ghana's production decline raises the stakes for the negotiations. The country produced approximately 37.3 million barrels of crude in 2025, its lowest annual level in several years, according to the Public Interest and Accountability Committee. Petroleum revenue fell to roughly $770.3 million from more than $1.36 billion in 2024.

Existing fields including Jubilee, TEN and Sankofa-Gye Nyame have matured as Ghana struggles to bring major new projects online.

"Ghana needs fresh exploration, and the Keta Basin is one of our most promising underexplored areas," said a senior official at Ghana's Petroleum Commission who spoke on condition of anonymity. "Bringing an operator with Petrobras' deepwater track record would be significant."

The Ghana Petroleum Commission recently partnered with energy-data company TGS to improve seismic information across the basin, a project intended to give prospective investors clearer geological data.

Petrobras CEO Magda Chambriard said in 2025 that Africa would become the company's main exploration region outside Brazil. The company has already expanded into Namibia, where it acquired a 42.5% interest in an offshore block alongside TotalEnergies in February. It has also examined opportunities in Côte d'Ivoire and South Africa and is acquiring a 75% operating interest in an exploration block in São Tomé and Príncipe.

Petrobras' SEC filing does not identify the four Ghanaian blocks, their combined size or the work programme Ghana is seeking. Even if contracts are signed, exploration would require seismic studies, drilling and commercial evaluation—processes that can take years.

"The approval allows us to begin direct discussions, but we are not at the point of committing capital," Anjos said. "We need to see the fiscal terms, local participation requirements and geological data before we can determine if this makes sense for Petrobras."