Petrobras, led by CEO Magda Chambriard, is shifting exploration focus to Africa, with the Ivory Coast extending supportive offers. The firm aims to enhance reserves amid permitting delays in Brazil, while also eyeing the Indian oil market. Recent activities in Africa include stake acquisitions in offshore oil fields, signifying a return to the continent after a previous divestment.
Petrobras is making moves to expand its exploration efforts into Africa, positioning the continent as its primary development area outside Brazil, says CEO Magda Chambriard. In a recent chat with Reuters, she emphasized the company’s eagerness to explore the deep and ultra-deep waters off the Ivory Coast, which is actively encouraging Petrobras with favorable terms, including preference for nine offshore exploratory blocks.
Chambriard also pointed out that several other African nations, including Nigeria, Angola, and Namibia, have shown interest in potential collaborations with Petrobras. Stating that, “We are experts in the eastern margin of Brazil,” she highlighted the geological similarities between these regions, asserting, “The correlation between Brazil and Africa is unequivocal, so we need to go to Africa.”
Petrobras’ renewed focus on Africa comes at a time when the company is eager to bolster its reserves, especially as it faces hurdles in securing environmental permits for new drilling off Brazil’s Amazon coast. There’s a historical context here; Petrobras previously divested from Africa under past administrations when the company opted to concentrate on the more productive presalt fields in Brazil.
Yet, the Brazilian firm hasn’t been completely absent from the African market. In 2023, it acquired a stake in an offshore oil field in South Africa. Moreover, it recently purchased an interest in oil fields in São Tomé and Príncipe, where drilling is slated to begin later this year.
However, not everything has gone smoothly. Chambriard mentioned that Petrobras was outbid by TotalEnergies for a share in the Galp Energia discovery at the Mopane field off Namibia’s coast. “We hope to be invited” to participate in the Mopane project’s development, she indicated, but offered no further details.
On a broader note, Petrobras isn’t just looking to Africa. The company is eyeing opportunities in India as well, with plans to participate in an oil block auction scheduled for July. This strategy shows Petrobras’ ambition not only to explore new territories but also to diversify its operations in a time of significant change.
Petrobras is strategically shifting its focus towards Africa for exploration, motivated by geological similarities with Brazil. With opportunities arising in countries like the Ivory Coast, Nigeria, and Angola, the company aims to enhance its oil reserves amid challenges in Brazil. Its ambitions extend beyond Africa, with plans to engage in India’s oil sector as well. Overall, this represents a significant new chapter for Petrobras as it seeks to navigate both challenges and opportunities globally.
Original Source: www.offshore-mag.com
