Petroleo Brasileiro SA (PBR) said Friday that it has entered direct negotiations for exploration contracts covering four offshore blocks in Ghana's Keta Basin after the country's Ministry of Energy and Green Transition approved its application.

The Brazilian state-run oil company said it had submitted an expression of interest for the blocks as part of its strategy to replenish oil and gas reserves by exploring new frontiers in Brazil and abroad.

Petrobras said the Ghana opportunity is intended to diversify its exploration portfolio and support long-term business sustainability. The company said it will now negotiate the terms of the exploration contracts directly with Ghanaian authorities.

The company did not provide financial details or a timeline for the negotiations.

Shares of the company were up 0.5% in Friday premarket activity