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Petrobras, Brazil’s state-controlled oil company, is actively pursuing a return to Nigeria’s oil market, focusing on frontier deepwater exploration opportunities.
Petrobas’ re-entry into Nigeria’s oil market marks a significant shift from its previous divestment strategy, reflecting a renewed commitment to expanding its international presence.
The development was disclosed in a post by Nigeria’s Vice President, Kashim Shettima, on X (formerly Twitter) yesterday. Shettima attributed Petrobras’ renewed interest in Nigeria to the economic reforms introduced by the Tinubu-led administration.
“As the economic reforms of the administration of President take root, the company, which had previously wound down its operations in Nigeria at the Agbami Field, is now actively engaging with Nigerian authorities as part of broader efforts to revitalise bilateral cooperation ahead of the 2025 Nigeria–Brazil Strategic Dialogue Mechanism (SDM),” he noted.
Speaking further, Shettima added, “We have not maximally capitalised on the fraternity between us and Brazil, but it is better late than never.
The upcoming SDM presents an opportunity to execute sector-specific Memoranda of Understanding (MoUs) and unlock investment flows.”
The update came amid an inter-ministerial review meeting chaired by the Vice President at the Presidential Villa in Abuja, convened to coordinate Nigeria’s preparations for the second session of the SDM, scheduled for June 2025.
Confirming the development, Nigeria’s Foreign Affairs Minister, Yusuf Tuggar — who was part of the delegation — stated that Petrobras is keen on acquiring frontier acreage in Nigeria’s deep waters.
“Petrobras is no longer active in Nigeria, but they are very keen on coming back to Nigeria. They said they want frontier acreage in deep waters,” Tuggar was quoted in a statement from the vice president’s office as saying. — Business Insider Africa
