Brazil’s Petrobras Eyes Nigeria Return After Decade-Long Absence
Nigeria’s federal government is preparing to welcome a high-level delegation from Brazil’s state-owned oil company Petrobras, which is planning a strategic re-entry into Nigeria years after exiting the country. Foreign Minister Yusuf Tuggar revealed in May that discussions have begun regarding exploration of Nigeria’s deep water oil acreage.
Petrobras, which began Nigerian operations in 1998 in the Niger Delta’s deep waters, sold its stakes over a decade ago to fund domestic projects. The company has now expressed keen interest in frontier acreage in deep waters, according to government officials.
Minister of Petroleum Resources (Gas) Ekperipe Ekpo confirmed preparations are underway, stating the government “warmly welcomes this renewed interest and reaffirms readiness to work with credible investors who share our commitment to sustainable development and mutual economic growth.” The anticipated visit will explore opportunities across upstream, midstream, and ethanol production spaces.
Nigeria’s search for investment has become increasingly urgent due to declining production, underinvestment, insecurity, and the global shift away from fossil fuels. The country has launched aggressive investment campaigns, emphasizing its vast gas reserves as a transition fuel in the global energy mix.
Source: thisdaylive.com