Petrobras has identified Africa as its primary target for international growth, according to its chief executive in a Reuters interview. The company plans to invest in Ivory Coast, Angola, Nigeria, and Namibia.
“We specialize in Brazil’s eastern margin,” said Magda Chambriard. “Africa mirrors Brazil geologically, so expanding there is a natural step for us.”
Earlier this year, a senior Petrobras executive revealed that the company aimed to acquire stakes in African oil fields to grow its reserves. It had already begun discussions with potential sellers, including Exxon, Shell, and TotalEnergies. In 2023, Petrobras boosted its proven oil and gas reserves by 500 million barrels, reaching a total of 11.4 billion barrels.
This week, Petrobras expressed interest in offshore acreage in Ivory Coast by submitting a formal declaration. The submission covers nine blocks and grants the company exclusive negotiation rights for those assets.
Chambriard highlighted Ivory Coast’s Atlantic location as strategically important. She emphasized Petrobras’s experience in similar environments, such as the Campos and Santos basins off Brazil’s coast, and expressed confidence in replicating success across the Atlantic.
In a separate move, Petrobras signed a preliminary cooperation agreement with Angola’s Sonangol. The two companies plan to collaborate on offshore exploration, subsea engineering, and sustainable oil and gas technologies.
During the first quarter, Petrobras reported steady crude oil production at 2.77 million barrels per day—a slight 0.2% decrease year-over-year. However, production rose by 5.4% compared to the previous quarter. Crude oil output specifically declined by 1%, dropping to 2.21 million barrels per day. Petrobras attributed the decrease to natural field depletion.
source: oilprice.com
African Energy Council