PETROBRAS EYES RETURN TO NIGERIAN DEEPWATER AFTER STRATEGIC WITHDRAWAL
Brazil’s state oil company, Petrobras, has expressed interest in investing in Nigeria’s frontier deepwater acreage ahead of the 2025 Nigeria-Brazil Strategic Dialogue Mechanism. This marks a significant step in bilateral cooperation and signals the company’s renewed interest in the region after previously departing from the Agbami Field where it had operations.
The positive dialogue emerged from an interministerial review meeting chaired by Nigeria’s Vice President Kashim Shettima at the Presidential Villa in Abuja, coordinating preparations for the second session of the Strategic Dialogue Mechanism scheduled for June.
“The presence of six ministers and the Solicitor-General of the federation in this review meeting shows the importance we attach to our relationship with Brazil,” said Shettima. “We have not maximally capitalized on the fraternity between us and Brazil, but it’s better late than never. The upcoming SDM presents an opportunity to execute sector-specific Memoranda of Understanding and unlock investment flows.”
Nigeria aims to leverage Brazil’s global reach as the country hosts this year’s high-profile summits including BRICS, G20, and COP30.
Minister of Foreign Affairs, Ambassador Yusuf Tuggar, confirmed ongoing engagements with Petrobras, stating, “Apart from Ethanol, which they hope to engage the NNPCL for blending, Petrobras is being actively engaged and we expect they will form part of the delegation to Nigeria. Petrobras is no longer active in Nigeria, but they are very keen on returning. They said they want frontier acreage in deep waters.”
Source: oilreviewafrica.com
