Brazil’s state oil giant Petrobras has moved to plant its flag in one of Africa’s most exciting new exploration frontiers, acquiring a 42.5 percent stake in Namibia’s Block 2613 in the Lüderitz Basin — a deal that has already triggered a sharp rally in the company’s shares and a surge in bullish options activity on Wall Street.
The acquisition, announced in early February 2026, pairs Petrobras with TotalEnergies, which holds an identical 42.5 percent stake and will serve as operator of the licence. The block covers approximately 11,000 square kilometres of offshore Namibian waters and represents a significant diversification of Petrobras’ reserve portfolio beyond its home market in Brazil. The transaction remains subject to final approval from Namibian regulatory authorities.
Investors reacted with notable enthusiasm. On March 2, Petrobras shares advanced 4.15 percent on trading volume of nearly 44 million shares — well above the daily average of 25.5 million. Options traders piled in, purchasing 68,297 call contracts, a 53 percent jump above typical levels, signalling broad confidence in further gains. The company carries a market capitalisation of $111.65 billion, a price-to-earnings ratio of 8.02, and a dividend yield of 6.2 percent.
The Namibian move fits within Petrobras’ wider international push, which also includes positions in South Africa and Colombia. In Colombia, the company’s Sirius-2 well — discovered in late 2024 — is considered the largest natural gas find in that country’s history, with an estimated capacity equivalent to nearly half of Petrobras’ daily gas output in Brazil.
The company has demonstrated consistent operational resilience: in the second quarter of 2025, Petrobras lifted output to 2.3 million barrels per day, an 8 percent year-on-year rise, generating a net profit of $4.1 billion even as Brent prices fell from $75 to $67 per barrel. Its $109 billion investment plan for 2026–2030 directs $69.2 billion toward exploration and production, with 62 percent of that earmarked for Brazil’s high-productivity pre-salt fields. The company has also reduced its Brent break-even price from $82 to $59 per barrel. Management is targeting production of 2.7 million barrels of oil equivalent per day by 2028, stabilising at approximately 2.6 million barrels through 2034.
Source: Namibia Oil & Gas