Brazil’s Petrobras Sets Sights on Africa as Primary Expansion Target
RIO DE JANEIRO – Brazil’s state oil giant Petrobras is making Africa its main exploration frontier outside Brazil, with CEO Magda Chambriard revealing ambitious plans to leverage geological similarities between the regions. The announcement comes as Ivory Coast extends a “red carpet” welcome, granting Petrobras preference for nine offshore exploratory blocks in a major vote of confidence.
“The correlation between Brazil and Africa is unequivocal, so we need to go to Africa,” Chambriard told Reuters, highlighting Petrobras’ expertise in Brazil’s eastern margin as directly applicable to African waters. Nigeria, Angola, and Namibia have all expressed strong interest in partnering with the Brazilian giant, signaling a potential reshaping of African oil exploration dynamics.
This strategic pivot marks Petrobras’ return to Africa after previous divestments, driven by the need to boost reserves amid delays in Amazon drilling permits. The company has already begun implementation, acquiring stakes in South African offshore fields in 2023 and purchasing interests in São Tomé and Príncipe, where drilling is planned for this year.
The move represents a significant shift in global oil exploration patterns, with South American expertise now flowing into African waters, potentially accelerating discovery timelines and introducing new technological approaches to the continent’s hydrocarbon development.
Source: reuters.com