Petrobras to Reenter Nigeria Amid Strengthened Brazil-Nigeria Energy Cooperation
Brazil’s state-run oil company Petrobras, which exited Nigeria five years ago, is expected to resume operations soon, Nigerian President Bola Tinubu announced.
He made the statement during a joint press conference with Brazilian President Luiz Inácio Lula da Silva, held during Lula’s two-day visit to Nigeria aimed at bolstering bilateral relations.
Petrobras first entered Nigeria in 1998, operating in the deep waters of the Niger Delta. More than a decade ago, it sold its stakes to fund domestic projects.
Since then, Nigeria has implemented reforms to address the challenges that previously hindered oil and gas production.
President Tinubu highlighted Nigeria’s vast gas reserves, saying Petrobras had strong incentives to return as a partner “as soon as possible.” He also welcomed Lula’s assurance that the process would advance quickly.
Tinubu pointed out that recent economic reforms were starting to yield results, including improved access to foreign exchange.
During the visit, both leaders signed multiple agreements covering trade, energy, aviation, science, and finance, strengthening cooperation between Africa’s largest economy and Latin America’s biggest market.
Among the deals was an arrangement with Brazilian aircraft manufacturer Embraer to establish a service hub in Nigeria and the announcement of a direct flight route between Lagos and São Paulo, to be operated by Nigerian airline Air Peace.
Brazil ranks Nigeria as its 49th largest export destination, with bilateral trade totaling nearly $2.1 billion in 2024. Brazilian exports to Nigeria reached $1 billion, mainly sugar and jams, while Nigeria exported $1.1 billion, largely fertilizers.
The potential scale of Petrobras’ contribution in Nigeria remains unclear. In May, Nigeria’s foreign minister confirmed that talks were underway with Petrobras regarding the exploration of deep-water oil blocks.
Petrobras has also been in discussions with global energy players, including ExxonMobil, Shell, and TotalEnergies, exploring opportunities to acquire stakes in their African assets.
