Petrobras interested in exploring deepwater opportunities, says NNPC

The Nigerian National Petroleum Company (NNPC) Limited says Petrobras, Brazil’s national oil company, has expressed interest in exploring new areas in Nigeria’s upstream sector.

In a statement on Wednesday, the NNPC said Udy Ntia, its executive vice-president of upstream, held a meeting with Magda Chambriard, chief executive officer (CEO) of Petrobras, on the sidelines of President Bola Tinubu’s state visit to Brazil.

“Petrobras expressed interest in exploring new areas, aligning with NNPC Ltd.’s commitment to fostering mutually beneficial partnerships in the energy sector,” the NNPC said.

The oil firm said Petrobras made the commitment after an invitation to resume operations in Nigeria.

“The engagement focused on rebuilding energy partnerships between Nigeria and Brazil, with a particular emphasis on inviting Petrobras to resume operations in Nigeria following their exit in 2021,” the statement reads.

The NNPC said discussions focused on Petrobras’ possible return to Nigeria’s upstream sector, particularly in deepwater and ultra-deepwater opportunities.

“The dialogue demonstrates Nigeria’s commitment to attract investment, supported by a strong legal, regulatory framework and tax incentives,” the oil firm said.

“With 37 billion barrels of oil reserves and 200 trillion cubic feet of gas reserves, Nigeria presents a compelling case for collaboration.”

NNPC EXPLORES NEW OPTIONS FOR COLLABORATION BETWEEN NIGERIA, BRAZIL

The NNPC said it also participated in a high-level business roundtable hosted by Citi Brasil in São Paulo.

According to the statement, the NNPC delegation, led by Ntia, held engagements with senior government officials, industry leaders, and business executives from both Nigeria and Brazil.

The session was said to have created a platform to explore fresh areas for collaboration, strengthen trade and investment flows, and advance infrastructure financing opportunities between the two nations.

“NNPC Ltd. reaffirmed its commitment to fostering mutually beneficial partnerships with international counterparts,” the statement reads.

Speaking during the engagement, Wale Edun, finance minister and coordinating minister of the economy, reiterated Nigeria’s position as a market that is open for business, aligning with the nation’s strategic economic objectives.

In May, Vice-President Kashim Shettima said Petrobras is seeking to re-enter Nigeria’s oil sector, with a specific interest in frontier deepwater acreage.

Tinubu, on Tuesday, said the company will return to Nigeria soon.