Brazilian oil company, Petrobras, is looking to acquire stakes in oil assets across Africa, particularly in Angola, Namibia, and South Africa, as part of its strategy to boost reserves ahead of an expected production decline after 2030.
This was disclosed by the company’s director for exploration and production, Sylvia dos Anjos, on Wednesday during the India Energy Week conference.
Anjos stated that Petrobras is in discussions with major oil firms, including ExxonMobil, Shell, and TotalEnergies, to purchase shares in their African projects.
“In our portfolio, it makes better sense. It is economical. They are our partners in Brazil, so it is easy to go anywhere with them. So it is natural,” Anjos said.
Petrobras aims to produce 2.8 million barrels per day (bpd) in 2025 and plans to increase output to 3.1 million bpd by 2029. Dos Anjos noted that the company remains financially stable even at lower oil prices, as its projects are sustainable at $45 per barrel.
Global oil prices have been fluctuating, with Brent crude trading around $77 per barrel on Wednesday, following concerns over rising U.S. crude stockpiles and the impact of trade tariffs on the global economy.
Last month, Petrobras reported an increase in its estimated proven reserves of oil, condensate, and natural gas, which rose to 11.4 billion barrels of oil equivalent (boe) in 2024, up from 10.9 billion boe in 2023.
The company continues to explore new opportunities as part of its long-term strategy, with Africa emerging as a key region for expansion.
