Brazil’s state-run oil company Petrobras is actively pursuing a return to Nigeria’s oil market, focusing on deepwater exploration options.
The re-entering of Petrobus into Nigerian oil markets is a major shift in previous sales strategies, reflecting another 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.
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The Brazilian state energy firm said in February it was in talks with companies including existing partners ExxonMobil, Shell, and TotalEnergies to buy a share of their African assets.
Petrobras began operations in Nigeria in 1998 in the deep waters off the coast of the Niger Delta. However, it sold off its stakes more than 10 years ago to raise cash for domestic projects.
With its planned comeback, Petrobras aims to acquire frontier deepwater acreage as part of its diversification strategy.
