Petrobras is exploring opportunities in Angola after resuming operations in Africa, following its agreements in São Tomé and Príncipe. The company plans to invest significantly in exploration and production, leveraging expertise in ultra-deepwater pre-salt oil. Angola’s geological similarities with Brazilian basins enhance prospects for Petrobras’ operations in the region.
Brazilian oil giant Petrobras is showing renewed interest in Angola as it seeks exploration opportunities, following its re-engagement in Africa last year. The company recently signed exploration agreements for three offshore blocks in São Tomé and Príncipe and now aims to establish a footprint in Angola, which features geological conditions similar to those of Brazil’s Campos, Santos, and Pelotas basins.
Petrobras has built expertise in exploiting ultra-deepwater pre-salt oil deposits, an area where Chinese-manufactured Floating Production Storage and Offloading units play a crucial role. The company plans to invest $111 billion between 2025 and 2029, with approximately $77 billion allocated for exploration and production activities, and another $20 billion for refining and transport.
At a workshop preceding the African Energy Week 2024, Petrobras reaffirmed its intentions to explore in Angola, South Africa, and Namibia. Sylvia Maria Couto dos Anjos, an executive officer for exploration and production, stated that the company is eager to return, leveraging its technical expertise from Brazil’s extensive pre-salt developments.
The similarities between the geological structures in Brazil and Angola were emphasized during the workshop organized by Namibia Energy Corporation (NEC). An official from Angola’s state-owned oil firm Sonangol highlighted the significance of Petrobras’ return, given the company had a longstanding operational presence in the country before exiting Africa in 2018.
Petrobras’ exploration initiatives in Angola align with its strategy for diversifying its portfolio. The company believes in exploring new oil and gas frontiers as a vital part of future energy solutions, which will help ensure a secure energy supply while integrating various energy sources.
Petrobras operates within a competitive oil market, focusing on maximizing exploration and production efficiency. The company’s previous experience in Angola provides a solid foundation for future opportunities, especially given the overlap between the geological characteristics of Angolan basins and Brazilian oil fields. Their financial commitment of $111 billion indicates a strong strategic investment towards expanding their operational footprint in Africa.
Petrobras is positioning itself to re-enter the Angolan oil market as part of its broader strategy to explore and invest in new oil basins. The company’s expertise in pre-salt oil extraction and its sizable investment plans underscore its commitment to diversifying its energy portfolio while taking advantage of geological similarities between Angola and Brazil.
Original Source: macaonews.org
