Brazil’s state-run oil giant, Petrobras, is setting its sights on Africa as its primary development region outside of South America, with a major focus on deepwater oil exploration.
CEO Magda Chambriard recently disclosed in an interview with Reuters that the company has been given preferential rights to acquire nine offshore exploratory blocks in Côte d’Ivoire (Ivory Coast). She described the offer as a “red carpet” invitation, symbolizing strengthening ties between Petrobras and the West African nation.
Beyond Ivory Coast, Nigeria, Angola, and Namibia have also shown strong interest in partnering with Petrobras.
Chambriard emphasized the geological similarities between Brazil’s eastern offshore margin and Africa’s coastal regions, calling the connection “unequivocal” and reinforcing Petrobras’ technical confidence in exploring African waters.
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Nigeria has already indicated renewed collaboration with Petrobras, with Vice President Kashim Shettima noting the company’s interest in deepwater frontier acreage as part of preparations for the 2025 Nigeria-Brazil Strategic Dialogue Mechanism. The move is part of Petrobras’ broader international strategy to boost reserves amid delays in environmental permits for drilling in sensitive areas like the Amazon coast.
While Petrobras is preparing to join India’s upcoming oil block auction in July, its African push is already underway. In 2023, it acquired a stake in an offshore field in South Africa, and in early 2024, it invested in fields around São Tomé and Príncipe, where it plans to drill later this year. However, the company was recently outbid by France’s TotalEnergies for a stake in Namibia’s Mopane discovery.
Petrobras’ international ambitions align with CEO Chambriard’s goal of balancing economic development, investor returns, and environmental concerns—especially as Brazil prepares to host COP30. At the same time, the company faces mounting pressure from lower oil prices, prompting cost-cutting and a more cautious approach in its upcoming 2026–2030 strategic plan.
Despite fiscal constraints, Petrobras is expected to resume operations in fertilizer plants in Sergipe and Bahia, marking a broader role in national development.
