Nigeria confirms discussions with Petrobras on deep water acreage
Nigeria is currently engaged in discussions with Petrobras, Brazil’s state oil company, regarding the exploration of its deep water oil acreage.
This was confirmed by Nigeria’s Foreign Minister, Yusuf Tuggar.
Petrobras is reportedly very keen on returning to Nigeria, years after the Brazilian oil giant exited the West African nation. Their specific interest lies in frontier acreage in deep waters.
These discussions are part of broader efforts to revitalize bilateral cooperation between Nigeria and Brazil ahead of the 2025 Nigeria-Brazil Strategic Dialogue Mechanism (SDM), which is scheduled for June 2025.
The topic of Petrobras’s potential return was discussed during an interministerial review meeting chaired by Vice President Kashim Shettima at the Presidential Villa in Abuja, aimed at coordinating Nigeria’s preparations for the second session of the SDM.
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Petrobras began operations in Nigeria in 1998 in the deep waters off the coast of the Niger Delta.
However, the company sold off its stakes more than 10 years ago to raise cash for domestic projects, partly due to a need to divest assets following an increase in debt.
In February 2025, the Brazilian state energy firm also stated it was in talks with companies, including existing partners ExxonMobil, Shell, and TotalEnergies, to buy a share of their African assets.
Nigeria plans to promote investment at international summits Brazil is due to host, such as the BRICS summit and COP30 this year, as the African nation seeks to deepen ties with Brazil in various areas, including energy.
