Petrobras, a Brazilian state-owned firm and a global leader in exploration and production, has concluded plans to re-enter Nigeria’s oil and gas sector after over 10 years since it sold its entire Nigerian assets to raise cash for domestic projects. The company began operations in Nigeria in 1998 in the deep waters off the coast of the Niger Delta.
Reiterating this anticipated milestone investment in the nation’s oil and gas sector is the country’s Minister of State for Petroleum (Gas), Honorable Ekperikpe Ekpo, who received the good news from a delegation from the Ministry of Foreign Affairs, led by its Permanent Secretary, Ambassador Dunoma Umar Ahmed.
According to the Hon. Ekperikpe, the nation’s oil and gas ministry will, in no time soon expect a high-power Brazilian delegation management of Petrobras, inclusive in Nigeria for the concluding part of this august investment in the nation’s energy sector, particularly in the areas of upstream, downstream, and ethanol production space.
“Our discussions focused on the upcoming visit by a high-level Brazilian delegation, particularly Petrobras, which has expressed interest in re-entering Nigeria’s oil and gas sector through opportunities in the upstream, midstream, and ethanol production space,” Ekpo said.
He hailed the Ministry of Foreign Affairs for its efforts. Furthermore, he highlighted this unprecedented feat as a testament to the resilience and utmost commitment of the President Ahmed Bola Tinubu Administration in ramping up the nation’s crude oil production and ensuring energy accessibility, availability, and security.
“I warmly welcome this renewed interest and reaffirm the Federal Government’s readiness to work with credible investors who share our commitment to sustainable development and mutual economic growth,” The Honorable Minister stated.
“I also want to commend the Ministry of Foreign Affairs for its efforts in facilitating international trade and investment, especially within our energy sector. As we anticipate the arrival of the Brazilian team, I emphasize the importance of continued inter-ministerial collaboration to ensure we are fully aligned and prepared to advance these discussions productively to the benefit of our country,” He added.
Nigeria’s Foreign Minister Yusuf Tuggar has, in a similar occasion, disclosed that Nigeria has been discussing exploration of its deep water oil acreage with Petrobras, years after the Brazilian oil giant exited the West African nation
“Petrobras is no longer active in Nigeria, but they are very keen on coming back to Nigeria. They said they want frontier acreage in deep waters,” Tuggar was quoted in a statement from the vice president’s office, as saying and confirmed by Reuters.
The Brazilian state energy firm said in February that it was in talks with companies, including existing partners ExxonMobil, Shell, and TotalEnergies, to buy shares of their African assets.
