Brazil’s Petrobras is seeking to acquire stakes in oil assets across Africa, particularly in Angola, Namibia, and South Africa, in an effort to enhance its reserves in anticipation of a decline in production post-2030, a senior official stated on Wednesday.
The state-owned energy company is currently engaged in discussions with various firms, including its existing partners ExxonMobil, Shell, and TotalEnergies, regarding the potential acquisition of a portion of their African holdings, as noted by Sylvia dos Anjos, the director of exploration and production, during the India Energy Week conference.
“Incorporating these assets into our portfolio is a more strategic decision. It is financially viable. Since they are our partners in Brazil, collaboration in other regions is seamless. Thus, it is a logical progression,” she remarked.
Petrobras aims to achieve a production level of 2.8 million barrels per day (bpd) by 2025, with aspirations to increase this to 3.1 million bpd by 2029, according to dos Anjos.
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The company remains confident in the current oil price environment, asserting that its projects are “sustainable at a very low price of $45 a barrel,” she further stated.
On Wednesday, the global benchmark Brent crude experienced a decline, breaking a three-day upward trend, and was trading around $77 a barrel, influenced by rising U.S. crude inventories and concerns that U.S. trade tariffs may adversely affect the global economy.
Last month, Petrobras reported that its estimated proven reserves of oil, condensate, and natural gas had risen to 11.4 billion barrels of oil equivalent (boe) in 2024, an increase from 10.9 billion boe in 2023.
