Petrobras Seeks to Make Africa its Top Exploration Focus Outside Brazil
Petrobras, Brazil’s state-controlled oil giant, plans to make Africa its main growth market outside Brazil, according to the company’s CEO, Magda Chambriard.
In an interview with Reuters, Chambriard revealed 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 expressed interest in partnering with the Brazilian oil giant.
“We are experts in the eastern margin of Brazil,” said Chambriard. “The correlation between Brazil and Africa is unequivocal, so we need to go to Africa.”
Petrobas’ re-entry into the African oil market marks a significant shift from its previous divestment strategy, reflecting a renewed commitment to expanding its international presence.
This renewed push to explore new oil fields forms a key part of CEO Magda Chambriard’s strategy to balance President Luiz Inacio Lula’s ambition of leveraging Petrobras to stimulate Brazil’s economy with the need to deliver strong returns to investors, all while navigating the global challenge of lower oil prices.
Earlier this year, Petrobras had expressed interest in acquiring stakes in African assets from major oil companies such as ExxonMobil, Shell, and TotalEnergies.
Petrobras’ plans to drill off the coast of the Amazon rainforest, specifically in the Foz do Amazonas region, have faced delays due to environmental permit hurdles. However, Chambriard said she expects the company to clear the final regulatory step and secure the permit by the second half of July.
Meanwhile, Petrobras’ African expansion is already underway. In 2023, it acquired a stake in an offshore oil field in South Africa and, in early 2024, purchased interests in fields off the coast of São Tomé and Príncipe, with plans to drill a well there this year.
Despite these advances, Chambriard revealed that Petrobras was outbid by France’s TotalEnergies for a stake in Galp Energia’s offshore Mopane field discovery in Namibia.
