Nigeria has initiated talks with Brazilian energy company Petrobras regarding the possible exploration of deep offshore oil blocks, signaling a potential return of the firm to Nigeria’s oil sector after more than ten years away.Foreign Affairs Minister Yusuf Tuggar revealed that although Petrobras is currently inactive in Nigeria, the company has expressed renewed interest in re-entering the nation’s oil and gas industryǰ. “They are keen to return and have shown particular interest in deepwater frontier assets,” Tuggar said, according to a statement from the Vice President’s office.Petrobras, the state-owned energy company of Brazil, started operations in Nigeria in 1998, focusing primarily on deepwater exploration in the Niger Delta. However, it sold off its Nigerian holdings over a decade ago to focus on projects within Brazil.
This renewed interest coincides with Nigeria’s efforts to capitalize on upcoming international events hosted by Brazil, such as the BRICS summit and COP30, aimed at attracting foreign investment. Nigeria seeks to strengthen bilateral cooperation with Brazil across energy, agriculture, healthcare, and cultural sectors.
Earlier this year, Petrobras indicated it was in discussions with global partners including ExxonMobil, Shell, and TotalEnergies to acquire stakes in African oil assets, reflecting its wider ambitions to expand in Africa. Nigeria’s engagement with Petrobras forms part of a larger plan to enhance foreign investment and revive critical sectors of the economy through strategic partnerships and increased international collaboration.
Source : https://www.naijapreneur.com/
