The Nigerian National Petroleum Company Limited
(NNPCL) says Petrobras, Brazil’s state-owned oil giant, is exploring
fresh opportunities in Nigeria’s upstream sector, with particular focus on deepwater
and ultra-deepwater assets.
NNPCL disclosed this in a statement posted on X
(formerly Twitter) on Wednesday, following a meeting between its Executive
Vice-President for Upstream, Udy Ntia, and Petrobras Chief Executive
Officer, Magda Chambriard, held on the sidelines of President Bola
Tinubu’s state visit to Brazil.
Renewed energy partnership
According to NNPCL, the discussions centred on
rebuilding energy partnerships between Nigeria and Brazil, with the aim of
encouraging Petrobras to resume operations in Nigeria after its 2021 exit.
“Petrobras expressed interest in exploring new areas,
aligning with NNPC Ltd.’s commitment to fostering mutually beneficial
partnerships in the energy sector,” the company said.
The talks highlighted Nigeria’s efforts to attract
foreign investment, anchored on a robust legal and regulatory framework
and tax incentives. With 37 billion barrels of oil reserves and 200
trillion cubic feet of gas reserves, NNPCL noted that Nigeria offers a
“compelling case for collaboration.”
Broader business engagement
On the sidelines of the state visit, NNPCL also
participated in a high-level Business Roundtable hosted by Citi Brasil in
São Paulo, where its delegation engaged senior government officials,
industry leaders, and executives from both countries.
The session, the company said, provided a platform to
explore new investment pathways, expand trade, and unlock infrastructure
financing opportunities.
“NNPC Ltd. reaffirmed its commitment to fostering
mutually beneficial partnerships with international counterparts,” the
statement read.
Tinubu welcomes Petrobras comeback
Earlier on Tuesday, President Tinubu welcomed
Petrobras’s imminent return to Nigeria, describing it as a milestone that
would reignite economic cooperation in oil and gas between both nations.
“We have the largest gas repository. So, I don’t see
why Petrobras doesn’t join as a partner in Nigeria as soon as possible. I
appreciate President Lula’s promise that this will be done as soon as
possible,” Tinubu said in a statement signed by his Special Adviser on
Information and Strategy, Bayo Onanuga.
During the visit, Nigeria and Brazil signed five
Memoranda of Understanding (MoUs) covering trade, diplomacy, science,
aviation, and finance cooperation.
Backstory
Petrobras halted its joint venture operations in
Nigeria in 2021, as part of a broader divestment plan. Earlier in 2017,
the company announced plans to sell $21 billion worth of assets after
its debt ballooned to $100 billion.
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