Brazil’s Petrobras Makes Bold Move Into African Oil Markets, Eyes Nigeria’s Deepwater Goldmine
Brazil’s state oil giant Petrobras is launching an aggressive expansion into African oil markets, with Nigeria’s untapped deepwater resources at the center of its ambitious international strategy. The move marks a transformative shift for the company as it seeks to replicate its offshore success beyond Latin America.
CEO Magda Chambriard is spearheading the bold expansion, targeting key African nations including Nigeria, Ivory Coast, Angola, and Namibia. The strategy leverages the geological similarities between South America’s and West Africa’s continental margins – regions once connected in the ancient supercontinent Gondwana.
“The correlation between Brazil and Africa is unequivocal, so we need to go to Africa,” Chambriard declared, highlighting the technical confidence behind the strategic pivot.
Petrobras has already submitted announcements of interest for nine offshore oil blocks in Ivory Coast and signed a preliminary cooperation agreement with Angola’s national oil company Sonangol. The company is also in talks with global supermajors including ExxonMobil, Shell, and TotalEnergies for potential acquisitions of existing African oil field stakes.
Nigeria, as Africa’s largest oil producer, represents a particularly attractive target due to its deepwater blocks and favorable investment reforms in the petroleum sector. The expansion comes as Petrobras seeks to diversify its reserve base, with proven reserves rising to 11.4 billion barrels in 2024, up from 10.9 billion the previous year.
Source: orientalnewsng.com
