Petrobras, Brazil’s state-controlled oil giant, is actively seeking a return to Nigeria’s oil and gas sector, with a renewed focus on frontier deepwater exploration.
This marks a strategic shift from its earlier divestment approach and signals Petrobras’ intent to expand its global footprint once again.
The development was revealed by Nigeria’s Vice President, Kashim Shettima, in a post on X (formerly Twitter).
Shettima attributed Petrobras’ revived interest to the economic reforms being implemented under President Bola Tinubu’s administration.
“As President Tinubu’s economic reforms begin to take root, Petrobras—having previously wound down operations at the Agbami Field—is now re-engaging Nigerian authorities to revive bilateral energy cooperation ahead of the 2025 Nigeria–Brazil Strategic Dialogue Mechanism (SDM),” Shettima noted.
He further emphasized the untapped potential of Nigeria–Brazil relations, stating: “We have not fully capitalised on the brotherhood between our two nations, but the upcoming SDM offers a timely opportunity to sign sector-specific MoUs and unlock new investment flows.”
The statement came during an inter-ministerial review meeting chaired by Vice President Shettima at the Presidential Villa in Abuja, convened to coordinate preparations for the SDM’s second session, scheduled for June 2025.
Nigeria’s Foreign Affairs Minister, Yusuf Tuggar, confirmed Petrobras’ re-engagement, stating that the company is particularly interested in acquiring frontier acreage in Nigeria’s deep offshore zones.
“Petrobras is no longer operational in Nigeria, but they are very keen on returning. They’ve expressed strong interest in securing deepwater frontier acreage,” Tuggar said, according to a statement from the Vice President’s office.
This aligns with Nigeria’s broader strategy to strengthen energy partnerships with Brazil and attract foreign investment into its offshore reserves.
Earlier in 2025, Petrobras also signaled interest in acquiring stakes in African assets from global oil majors including ExxonMobil, Shell, and TotalEnergies.
Petrobras, officially known as Petróleo Brasileiro S.A., ranks among the world’s largest energy corporations.
The company entered Nigeria’s oil market in 1998, participating in key offshore projects as part of its global expansion strategy.
It previously held an indirect 8% stake in the Agbami Field (OML 127), operated by Chevron, which at its peak produced 250,000 barrels of oil per day.
Additionally, Petrobras had a 16% indirect interest in the Akpo and Egina Fields (OML 130), both operated by TotalEnergies, with peak production levels of 175,000 and 200,000 barrels per day, respectively.
However, in 2020, Petrobras exited the Nigerian market after selling its 50% stake in Petrobras Oil & Gas B.V. (POGBV), the joint venture through which it managed its Nigerian assets.
The move was part of a larger divestment strategy aimed at consolidating operations and focusing on core domestic projects in Brazil.
Now, in 2025, Petrobras is repositioning itself to re-enter Nigeria’s oil sector, driven by the need to diversify its exploration portfolio and rebuild reserves through investments in high-potential offshore opportunities.
