Petroleo Brasileiro SA (Petrobras) has completed its acquisition of the majority stake in Block 3, offshore São Tomé and Príncipe, in Africa.

As part of the deal, Petrobras also will now serve as operator of the block, the company confirmed.

With the conclusion of the previously announced transaction, the Block 3 consortium is now composed of Petrobras (operator, 75%) in partnership with the company Oranto Petroleum Ltd. (15%) and the National Petroleum Agency of São Tomé and Príncipe (10%).

Petrobras said the acquisition comes as part of its strategy to grow oil and gas reserves via exploration of new frontiers, both in Brazil and abroad.