By Peter Omopo
Brazilian state oil giant, Petrobras, is eyeing a return to Nigeria’s oil and gas sector with a renewed interest in frontier deepwater exploration, according to the Presidency.
The Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, Stanley Nkwocha, disclosed this in a statement on Wednesday. He said Petrobras, which previously exited its operations at Nigeria’s Agbami field, is now actively engaging Nigerian authorities as both countries prepare for the 2025 Nigeria-Brazil Strategic Dialogue Mechanism (SDM).
The development was confirmed during an interministerial review meeting held at the Presidential Villa, Abuja, and chaired by Vice President Kashim Shettima. The meeting aimed to coordinate Nigeria’s preparations ahead of the second session of the SDM, scheduled for June 2025.
Vice President Shettima described the renewed engagement with Petrobras as a timely opportunity to strengthen economic and diplomatic ties with Brazil.
“We have not maximally capitalised on the fraternity between us and Brazil, but it is better late than never. The upcoming SDM presents an opportunity to execute sector-specific Memoranda of Understanding and unlock investment flows,” Shettima stated.
Highlighting the significance of the year ahead, the Vice President noted that Brazil will host several major international events, including the BRICS Summit, G20 Summit, and COP30. He said this alignment offers Nigeria a strategic moment to assert its global interests.
Foreign Affairs Minister, Yusuf Tuggar, confirmed Petrobras’ renewed interest, noting that discussions with the company are ongoing.
“Petrobras is being actively engaged. They are no longer operational in Nigeria, but they’ve expressed a strong desire to return, especially in frontier deepwater acreage. We also expect them to form part of the Brazilian delegation to Nigeria,” Tuggar said.
In addition to oil exploration, Tuggar revealed that Petrobras is exploring collaborations with the Nigerian National Petroleum Company Limited (NNPCL) on ethanol blending as part of broader energy cooperation.
The renewed interest from Petrobras is seen as a significant boost to Nigeria’s efforts to attract foreign investment in its energy sector and deepen bilateral ties with Brazil.
