Petrobras targets African countries to replenish oil reserves

Petrobras is looking to acquire oil fields in African nations as part of its strategy to expand reserves and offset an expected production decline after 2030. The Brazilian state-run oil giant has expressed particular interest in Angola, Namibia, and South Africa, according to Sylvia Anjos, the company’s Exploration and Production Director, who made the announcement in New Delhi, India.

Anjos stated that Petrobras is in discussions with global oil majors such as ExxonMobil (U.S.), Shell (U.K.), and TotalEnergies (France)—all of which are already Petrobras’ partners in Brazilian oil production.

The remarks were first reported by Reuters on Wednesday (12) and later confirmed by Agência Brasil. Anjos made the statement while attending India Energy Week, an international gathering of oil industry leaders.

Returning to Africa

Petrobras resumed operations in Africa last year, marking a return to the continent after years of absence. On February 8, 2024, the company finalized the purchase of stakes in three exploration blocks off the coast of São Tomé and Príncipe, securing 45% ownership in two blocks and 25% in a third.

In October 2024, Petrobras’ board of directors approved expanding operations in South Africa, paving the way for its entry into the Deep Western Orange Basin (DWOB) through a competitive process led by TotalEnergies.

According to Petrobras’ 2025-2029 Business Plan, its 10% stake in the South African block is still pending government approval.

Exploration at Home: Brazil’s New Oil Frontiers

While Petrobras expands overseas, its main domestic exploration target is Brazil’s Equatorial Margin, an offshore region in the country’s north with high potential, often referred to as a “new pre-salt” frontier.

However, drilling in the area requires environmental approval from Ibama, the federal environmental agency. The project has faced pushback from activists concerned about fossil fuel expansion and climate change. On Wednesday (12), President Luiz Inácio Lula da Silva urged Ibama to approve the exploration.

Another key area of interest is the Pelotas Basin, off southern Brazil’s coast. Petrobras holds 29 exploration wells in the region, where recent oil discoveries in Uruguay and Africa (Namibia and South Africa) have sparked renewed exploration efforts due to similar geological characteristics.

Beyond Africa: South America and U.S. Operations

Petrobras is also expanding its footprint in South America and the United States.

In Colombia, the company made history in December 2024, announcing the largest natural gas discovery in the country’s history. The Sirius-2 well, developed in partnership with Colombian state oil firm Ecopetrol, has a production capacity equivalent to nearly half of Petrobras’ daily gas output in Brazil. The discovery could triple Colombia’s gas reserves, but Petrobras has stated that, for now, production will prioritize Colombia’s domestic market.

Two other exploration wells—Buena Suerte and Papayuela—are also part of the Petrobras-Ecopetrol consortium, raising expectations that surplus production could eventually lead to gas exports to Brazil.

In Argentina, Petrobras operates through its subsidiary Petrobras Operaciones S.A., holding a 33.6% stake in the Río Neuquén production asset.

In Bolivia, the company produces natural gas in the San Alberto and San Antonio fields, with 35% stakes in both service operation contracts. These fields primarily supply gas to Brazil and Bolivia.

In the United States, Petrobras is active in deepwater fields in the Gulf of Mexico, where Petrobras America Inc. holds a 20% stake in MPGoM, a joint venture with Murphy Exploration & Production Company.

Production and Reserves Outlook

In 2024, Petrobras’ total oil and natural gas production reached 2.7 million barrels of oil equivalent per day (boed), with over 80% coming from the pre-salt layer off Brazil’s southeastern coast.

At the end of January 2025, the company reported proven reserves of 11.4 billion barrels of oil equivalent (boe), of which 85% are crude oil and condensates, while 15% is natural gas. In 2024 alone, Petrobras added 1.3 billion barrels to its reserves.

“Given our expected production levels in the coming years, it is crucial to continue investing in enhanced recovery techniques, exploring new frontiers, and diversifying our portfolio to replenish our oil and gas reserves,” the company stated.

By Bruno de Freitas Moura – Reporter for Agência Brasil

Source: Agência Brasil

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