Brazil’s state-owned oil giant, Petrobras, is pursuing new ventures by seeking stakes in African oil fields from major players like ExxonMobil, Shell, TotalEnergies, and Equinor. This move aligns with Petrobras’ strategy to diversify beyond its traditional deep-water assets in Brazil, especially as domestic exploration activity has slowed.
The company is focusing on ten potential projects in African nations such as Namibia, South Africa, and Angola. A notable opportunity includes a 40% stake in Galp Energia’s Mopane oil and gas field in Namibia, an area with significant offshore potential. Petrobras has already secured minority interests in three blocks from Shell in Sao Tome and Principe.
This strategic shift is partly motivated by geological parallels between Africa and Brazil, as the two landmasses were once connected, creating similar oil-rich basins on both sides of the Atlantic. Namibia, in particular, is seen as a rising oil frontier, with potential comparable to the major discoveries in Guyana.
Beyond Africa, Petrobras is also setting its sights on Argentina’s Vaca Muerta shale region for natural gas prospects. The company is in discussions with firms such as YPF and Tecpetrol as it seeks to secure gas supplies and boost local industries.
With $11 billion earmarked for acquisitions as part of its $102 billion five-year plan, Petrobras is well-positioned to pursue these opportunities. However, it has ruled out a return to Venezuela, citing environmental concerns, particularly in areas like Lake Maracaibo.
Looking ahead, Petrobras is focused on securing permits to explore the Foz do Amazonas basin in Brazil’s Equatorial Margin, where it aims to replicate Exxon’s significant discoveries in Guyana.
Source: Oilprice.com
