Brazil’s state oil company, Petrobras, is seeking to re-enter Nigeria’s oil sector with a focus on frontier deepwater acreage. This was confirmed by Foreign Affairs Minister Yusuf Tuggar ahead of the 2025 Nigeria-Brazil Strategic Dialogue Mechanism (SDM). Petrobras, which previously exited the Agbami Field, is now engaging Nigerian authorities amid President Tinubu’s ongoing economic reforms.
The company’s return was discussed during a high-level meeting chaired by Vice President Kashim Shettima. In addition to oil, Petrobras is exploring ethanol collaboration with NNPCL. Preparations for the SDM are underway, with 12 draft MOUs covering sectors like energy, health, culture, and agriculture awaiting approval.At a review meeting ahead of the 2025 Nigeria-Brazil Strategic Dialogue Mechanism (SDM), Vice President Kashim Shettima emphasized the importance of strengthening ties with Brazil, noting the presence of top officials as a sign of commitment.
He urged ministers to use the SDM to finalize sector-specific MOUs and attract investment. Shettima highlighted 2025 as a key year for advancing Nigeria’s global interests.Petrobras, which exited Nigeria over a decade ago to reduce its $100 billion debt—selling $2.9 billion in assets, including Nigerian oil fields—is now seeking to re-enter the market. After divesting in 2017, the company announced in February 2025 its interest in acquiring African assets, including from ExxonMobil, Shell, and TotalEnergies.
