Brazil’s state oil firm, Petrobras, is in search of to re-enter Nigeria’s oil sector, with a selected concentrate on frontier deepwater acreage.
This was confirmed by the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, in keeping with an announcement issued by the Senior Particular Assistant to the President on Media & Communications (Workplace of the Vice President), Stanley Nkwocha, on Might 14, 2025.
It was revealed that, because the {economic} reforms of President Bola Ahmed Tinubu’s administration take root, Petrobras, which had beforehand wound down its operations in Nigeria on the Agbami Area-is now actively participating with Nigerian authorities.
This engagement is a part of broader efforts to revitalise bilateral cooperation forward of the 2025 Nigeria-Brazil Strategic Dialogue Mechanism (SDM).
Petrobras’ return was mentioned on Wednesday throughout an interministerial assessment assembly chaired by Vice President Kashim Shettima on the Presidential Villa, Abuja.
Yusuf Tuggar confirmed ongoing engagements with Petrobras, stating, “Aside from ethanol, which they’re hoping to interact the NNPCL for mixing, Petrobras can also be being actively engaged, and we count on they may kind a part of the delegation to Nigeria. Petrobras is now not lively in Nigeria, however they’re very eager on coming again. They stated they need frontier acreage in deep waters”.
Talking on the assembly, Vice President Shettima stated, “The presence of six ministers and the Solicitor-Basic of the Federation on this assessment assembly forward of the second session of the Nigeria-Brazil Strategic Dialogue Mechanism reveals the significance we’ve got hooked up to our relationship with Brazil.”
The Vice President significantly famous that 2025 represents a essential second of engagement between Nigeria and Brazil, emphasising that the convergence of worldwide occasions gives Nigeria with a novel alternative to advance its pursuits on the worldwide stage.
Again in Might 2017, Petrobras determined to divest as a lot as $21 billion value of property, following a dramatic enhance within the firm’s debt to $100 billion on the time.
In February 2025, the Brazilian state power agency stated it was in talks with corporations, together with present companions ExxonMobil, Shell, and TotalEnergies, to purchase a share of their African property.
