Brazil’s state-owned oil company, Petrobras, is exploring offshore expansion in Nigeria, drawn by the country’s untapped deepwater resources and recent investment-friendly petroleum reforms. Nigeria remains a key focus, along with other African nations like Ivory Coast, Angola, and Namibia, due to their geological similarities with Brazil’s offshore basins. Under CEO Magda Chambriard, Petrobras is aiming to broaden its global presence and apply its deepwater expertise beyond Latin America.Petrobras has expressed interest in acquiring nine offshore oil blocks in Ivory Coast, marking a strategic push into West Africa.
The region’s geological similarities to Brazil’s Campos and Santos Basins make it an attractive target for the company’s deepwater expertise. CEO Magda Chambriard emphasized the potential for strong results on both sides of the Atlantic.Petrobras has also signed a preliminary cooperation agreement with Angola’s national oil company, Sonangol, to collaborate on offshore exploration, subsea engineering, and sustainable energy. This partnership is expected to reduce risks and accelerate development, leveraging Angola’s established reserves and infrastructure.
Additionally, Petrobras is eyeing early entry into Namibia’s emerging offshore sector, hoping to gain first-mover advantages amid recent major discoveries. Overall, Petrobras’ African expansion strategy is grounded in geological synergies and a drive to extend its global offshore footprint.Petrobras is leveraging geological similarities between Brazil and Africa—once part of Gondwana—to expand offshore. Success in Brazil’s pre-salt basins is guiding its push into Ivory Coast, Angola, and Namibia.Q1 2025 oil output held steady at 2.77 million bpd, down 0.2% YoY, but up 5.4% from the previous quarter. Reserves rose to 11.4 billion barrels, up 500 million in 2024, as domestic fields mature.To speed up growth, Petrobras is in talks with ExxonMobil, Shell, and TotalEnergies to acquire stakes in African assets, combining organic exploration with strategic acquisitions.
Petrobras’ expansion into Africa is a long-term strategy aimed at becoming a major player across the Atlantic oil frontier. By focusing on Ivory Coast, Angola, Nigeria, and Namibia, the company is targeting regions with strong resources, stable politics, and geological potential.This move aligns with its commitment to sustainability, including clean production and low-emission technologies through partnerships like the one with Sonangol. With exploration and acquisitions underway, Petrobras is positioning itself for global growth and a redefined role in the energy sector.
