Brazilian oil giant Petrobras is actively exploring new opportunities in Angola following its return to African oil exploration via São Tomé and Príncipe in 2023.
The company confirmed to Lusa that it continuously evaluates strategic areas to replenish reserves and maximize profitability.
Petrobras is particularly interested in oil basins along Africa’s Atlantic coast, including Angola, due to their geological similarities with Brazil’s Campos, Santos, and Pelotas basins.
In February 2024, Petrobras acquired three exploratory blocks in São Tomé and Príncipe, previously operated by Shell.
The company described this acquisition as a key step in diversifying its portfolio and rebuilding oil and gas reserves in both Brazil and international markets.
“In São Tomé and Príncipe, we saw a strong opportunity, especially given our collaboration with key industry partners,” Petrobras stated.
The acquisition was made in partnership with the National Petroleum Agency of São Tomé and Príncipe and Galp, with Petrobras securing a 45% stake in blocks 10 and 13 and a 25% stake in block 11.
Petrobras remains committed to exploring new frontiers, emphasizing that oil and gas will continue to play a crucial role in the future energy mix alongside other energy sources.
Between 2025 and 2029, the company plans to invest $111 billion, with $77 billion allocated to exploration and production and $20 billion for refining, transportation, and marketing.
The African Energy Chamber is hosting the “Investing in African Energy” event this Thursday in Rio de Janeiro, aiming to foster stronger business partnerships between Brazil and Africa.
The event is expected to gather around 1,000 delegates, further reinforcing Petrobras’ engagement with Africa’s energy sector.
