Brazil’s state oil company, Petrobras, is seeking to re-enter Nigeria’s oil sector, with a specific focus on frontier deepwater acreage.
This was confirmed by the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, according to a statement issued by the Senior Special Assistant to the President on Media & Communications (Office of the Vice President), Stanley Nkwocha, on May 14, 2025.
It was revealed that, as the economic reforms of President Bola Ahmed Tinubu’s administration take root, Petrobras, which had previously wound down its operations in Nigeria at the Agbami Field-is now actively engaging with Nigerian authorities.
This engagement is part of broader efforts to revitalise bilateral cooperation ahead of the 2025 Nigeria-Brazil Strategic Dialogue Mechanism (SDM).
Petrobras’ return was discussed on Wednesday during an interministerial review meeting chaired by Vice President Kashim Shettima at the Presidential Villa, Abuja.
Yusuf Tuggar confirmed ongoing engagements with Petrobras, stating, “Apart from ethanol, which they are hoping to engage the NNPCL for blending, Petrobras is also being actively engaged, and we expect they will form part of the delegation to Nigeria. Petrobras is no longer active in Nigeria, but they are very keen on coming back. They said they want frontier acreage in deep waters”.
Speaking at the meeting, Vice President Shettima said, “The presence of six ministers and the Solicitor-General of the Federation in this review meeting ahead of the second session of the Nigeria-Brazil Strategic Dialogue Mechanism shows the importance we have attached to our relationship with Brazil.”
The Vice President particularly noted that 2025 represents a critical moment of engagement between Nigeria and Brazil, emphasising that the convergence of international events provides Nigeria with a unique opportunity to advance its interests on the global stage.
Back in May 2017, Petrobras decided to divest as much as $21 billion worth of assets, following a dramatic increase in the company’s debt to $100 billion at the time.
In February 2025, the Brazilian state energy firm said it was in talks with companies, including existing partners ExxonMobil, Shell, and TotalEnergies, to buy a share of their African assets.