Brazil’s Petrobras Set to Re-enter Nigerian Oil Market
Brazil’s state-owned oil giant, Petrobras, is setting its sights once again on Nigeria’s rich oil reserves, with a renewed interest in frontier deepwater exploration, according to Vice-President Kashim Shettima.
Speaking on Wednesday, Shettima revealed that high-level Brazilian government officials are currently in Nigeria to engage in discussions to re-establish Petrobras’ presence in the country’s energy sector. The talks are part of a broader diplomatic effort to strengthen economic ties between both nations ahead of the second session of the Nigeria–Brazil Strategic Dialogue Mechanism (SDM), scheduled for June 2025.
“This is a significant step forward,” Shettima stated during an inter-ministerial review meeting at the Presidential Villa in Abuja. “The presence of six ministers and the Solicitor-General of the Federation in this review session underscores the importance Nigeria places on our relationship with Brazil.”
Petrobras entered Nigeria in 1998, operating in offshore blocks such as the Agbami Field. However, the company later exited, divesting its assets as part of a $21 billion global asset sale in 2017, driven by the need to manage a soaring debt that had reached $100 billion.
Now, amid the economic reforms spearheaded by President Bola Tinubu’s administration, Petrobras is reportedly eager to re-engage, signalling renewed confidence in Nigeria’s investment climate and the potential for expanded bilateral cooperation.
“This upcoming Strategic Dialogue Mechanism offers a unique opportunity to finalise sector-specific Memoranda of Understanding (MoUs) that can unlock significant investment inflows,” Shettima said. “We haven’t fully capitalised on our longstanding fraternity with Brazil — but it’s not too late to change that.”
