Nigeria prepares for Brazilian oil giant 's swift return

Nigerian President Bola Tinubu has announced that Brazilian oil company Petrobras will soon return to Nigeria’s petroleum sector, reports Ecofin Agency. The state-owned company had withdrawn from Nigeria in 2019 as part of efforts to streamline its asset portfolio. Tinubu, speaking alongside Brazilian President Luiz Inácio Lula da Silva, during a state visit to Brazil, said Petrobras was preparing a swift return, while Lula pledged to accelerate the process. Technical talks are underway between Nigeria and Petrobras regarding two deepwater blocks. Petrobras CEO Magda Chambriard said in late June that Africa has become the company’s main exploration focus outside Brazil, due to geological similarities between African and Brazilian sedimentary basins. She noted that Nigeria, Angola and Namibia are among the key destinations, while Côte d’Ivoire has offered Petrobras priority access to nine offshore blocks. The company has already expanded its African portfolio. In 2023, Petrobras acquired a stake in a field in SA, followed in early 2024 by another project in São Tomé and Príncipe, where drilling is expected this year. Petrobras is also a candidate for future participation in Namibia’s Orange Basin.

Full report in Ecofin Agency