Petrobras targets Africa for oil exploration region outside Brazil
Petrobras, the Brazilian state-run oil company, is setting its sights on Africa as its primary region for oil exploration activities outside its home country, reported Reuters, citing the company’s CEO Magda Chambriard.
She detailed the strategic intent to expand the company’s presence in Africa, highlighting the welcoming approach from the Ivory Coast and interest from other African nations.
The Ivory Coast has recently paved the way for Petrobras by offering priority access to nine exploratory offshore blocks.
This gesture, described by Chambriard as rolling out the “red carpet”, signifies a significant opportunity for the company to delve into deep and ultra-deep waters.
Chambriard said: “We are experts in the eastern margin of Brazil. The correlation between Brazil and Africa is unequivocal, so we need to go to Africa.”
Nigeria, Angola and Namibia have also shown eagerness to collaborate with Petrobras, further cementing Africa’s role in the company’s global strategy.
Petrobras’ growing interest in international oil assets, particularly in Africa, comes as the company aims to augment its reserves amid environmental permit delays for new drilling projects off the coast of the Amazon rainforest.
Moreover, Petrobras is looking to participate in an oil block auction in India in July as part of its broader exploratory ambitions.
Under past leadership, Petrobras concentrated on Brazil’s pre-salt fields, which are known for their high productivity.
Now, Chambriard is tasked with balancing the economic aspirations of President Luiz Inacio Lula with the necessity of delivering investor returns and navigating the complexities of a global market with lower oil prices.
Despite challenges in obtaining environmental permits for drilling in the Amazon’s Foz do Amazonas region, Chambriard is optimistic about clearing the final hurdle for a permit by the second half of July.
Petrobras has already initiated its plans in Africa, acquiring stakes in offshore oilfields in South Africa and São Tomé and Príncipe in 2023 and early 2024, respectively, with drilling expected to commence this year.
Although Petrobras faced a setback when outbid by TotalEnergies for a share in Galp Energia’s Mopane field discovery off Namibia’s coast, Chambriard remains hopeful for future opportunities, stating: “We hope to be invited” to develop the field.
“Petrobras targets Africa for oil exploration region outside Brazil” was originally created and published by Offshore Technology, a GlobalData owned brand.
