Petrobras targets Africa as its main development focus outside South America, with deepwater oil exploration in Côte d’Ivoire, Nigeria, Angola, and Namibia leading the push

[dropcap]P[/dropcap]etrobras targets Africa as its primary region of growth outside South America, with a renewed focus on deepwater exploration in countries like Côte d’Ivoire, Nigeria, Angola, and Namibia, the company’s CEO has announced.

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Speaking to Reuters, Chief Executive Officer Magda Chambriard revealed that the West African nation of Côte d’Ivoire had offered Petrobras preferential rights to acquire nine offshore exploratory blocks—an unprecedented gesture described as “rolling out the red carpet.”

“We are experts in the eastern margin of Brazil… the correlation between Brazil and Africa is unequivocal, so we need to go to Africa.”

The company’s move marks a significant pivot after years of retreat from African operations. Petrobras had previously divested its regional assets to concentrate on Brazil’s lucrative pre-salt fields.

However, with exploration permits delayed in Brazil—particularly around the Amazon coast—Africa now represents a strategic frontier.

Nigeria is also a key part of the strategy. Vice President Kashim Shettima recently confirmed that Petrobras is seeking to re-enter the country’s oil industry, focusing on underdeveloped deepwater blocks.

The renewed interest comes ahead of the 2025 Nigeria-Brazil Strategic Dialogue Mechanism.

Petrobras’ African ambitions already have some traction. In 2023, it acquired a stake in an offshore field in South Africa and, earlier this year, invested in fields in São Tomé and Príncipe, where it plans to begin drilling within the year.

Despite its growing interest, Petrobras was outbid by French energy major TotalEnergies for a stake in the Mopane offshore discovery in Namibia.

“Ivory Coast has extended the ‘red carpet’ for Petrobras to explore deep and ultra-deep waters off its coast,” Chambriard said.

Still, Chambriard expressed hope that Petrobras might be invited to participate in future development of the resource.

The company is also exploring investment opportunities beyond Africa. Chambriard confirmed Petrobras will take part in India’s upcoming offshore oil block auction this July.

Meanwhile, delays in securing environmental permits in Brazil—particularly in the controversial Foz do Amazonas region—have slowed domestic drilling projects. Petrobras hopes to clear the final regulatory hurdles by the second half of July.

Balancing Brazil’s economic goals and climate commitments remains a central challenge for Petrobras. The company is a critical part of President Luiz Inacio Lula da Silva’s growth strategy, but it also faces scrutiny as the country prepares to host the COP30 climate summit.

To respond to lower Brent crude prices, Petrobras is revising its 2026–2030 strategic plan, with an eye on cost reduction and project simplification.

While this has pleased investors, it remains unclear how austerity measures will affect the company’s international investment ambitions.

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In a parallel move, Petrobras is set to expand its role in Brazil’s fertiliser production. The company expects to restart operations at two plants in Sergipe and Bahia before the end of 2025.