Petrobras, Brazil’s state-controlled oil giant, has set its sights on Africa as its main growth market outside of Brazil, according to CEO Magda Chambriard.
In an interview with Reuters, Chambriard disclosed that Ivory Coast has granted Petrobras preferential rights to acquire nine offshore exploration blocks in deep and ultra-deep waters.
Additionally, Nigeria, Angola, and Namibia have all expressed interest in partnering with the Brazilian company.
“We are experts in the eastern margin of Brazil,” Chambriard stated. “The geological correlation between Brazil and Africa is undeniable, so we need to go to Africa.”
This strategic move marks Petrobras’ return to the African oil market after years of scaling back its international operations.
The shift signals a renewed commitment to global expansion and comes as the company seeks to balance President Luiz Inacio Lula da Silva’s vision of using Petrobras to drive Brazil’s economic growth with the company’s obligation to deliver strong returns to investors, particularly amid ongoing pressure from lower global oil prices.
As part of this broader international push, Petrobras has also shown interest in acquiring stakes in African assets held by energy majors such as ExxonMobil, Shell, and TotalEnergies.
Domestically, the company’s plans to drill in Brazil’s environmentally sensitive Foz do Amazonas basin have been delayed by regulatory hurdles.
However, Chambriard remains optimistic that Petrobras will receive final environmental approval by the second half of July.
Meanwhile, the company’s African expansion is already progressing. In 2023, Petrobras acquired a stake in an offshore oil field in South Africa.
In early 2024, it also secured interests in oil fields off the coast of São Tomé and Príncipe, where it plans to drill a well this year.
Despite these developments, Petrobras recently lost a bid to France’s TotalEnergies for a stake in Galp Energia’s Mopane offshore oil discovery in Namibia.
Nonetheless, the company remains focused on building a strong presence across the African continent.
