Brazilian state-owned oil company Petrobras is actively exploring a return to Nigeria’s oil and gas sector, with a focus on frontier deepwater exploration opportunities.
This development was disclosed during an interministerial review meeting chaired by Vice President Kashim Shettima at the Presidential Villa in Abuja, as part of preparations for the upcoming Nigeria-Brazil Strategic Dialogue Mechanism (SDM) scheduled for June 2025.
Petrobras had previously wound down its Nigerian operations at the Agbami Field but is now re-engaging Nigerian authorities to explore fresh investment opportunities.
“Petrobras is no longer active in Nigeria, but they are very keen on coming back. They said they want frontier acreage in deep waters,” said Minister of Foreign Affairs, Ambassador Yusuf Tuggar.
In addition, Vice President Shettima stressed the strategic importance of Nigeria’s relationship with Brazil, especially as the South American giant prepares to host several global summits this year, including the BRICS Summit, the G20 Summit, and COP30.
“The presence of six ministers and the Solicitor-General of the Federation in this review meeting ahead of the second session of the Nigeria-Brazil Strategic Dialogue Mechanism shows the importance we have attached to our relationship with Brazil,” Shettima stated.
Petrobras’ renewed interest in Nigeria’s energy sector is the latest in what seems like a broader strategy by the Brazilian oil giant to expand its footprint in Africa.
In early 2024, the company acquired stakes in three exploration blocks in São Tomé and Príncipe, the first of such after divesting its Nigerian assets.
In 2020, the Brazilian firm wound down activities at the Agbami offshore field—one of Nigeria’s largest deepwater developments—citing financial struggles stemming from domestic corruption scandals and a desire to streamline its global portfolio.
But in July 2023 the firm later revealed they were seeking potential assets to acquire, ending their global upstream and downstream divestment spree.
Aside from deepwater interests, Tuggar said the Brazilian firm was also planning to engage Nigeria’s state-owned energy firm NNPC on ethanol blending when they visit the country in June. Brazil ranks among the world’s top producers of ethanol.
Nigeria’s energy sector policy reforms under President Bola Tinubu continue to attract increased foreign interest in the country.
Recently, Olu Verheijen, Special Energy Adviser to President Tinubu, recently said the country attracted over $8 billion into its offshore oil sector over the last year.
Outside Nigeria, Petrobras also looks forward to acquiring stakes in other African countries like Angola, Namibia, and South Africa to boost its reserves.
