Brazil's Petrobras Eyes Stakes in African Oil Blocks in Expansion
TLDR
- Petrobras, the Brazilian oil giant, in talks to acquire stakes in African exploration blocks from ExxonMobil, Shell, TotalEnergies, and Equinor.
- Discussions include potential deals in Namibia, South Africa, and Angola, focusing on leveraging deep-water drilling expertise.
- Shift for Petrobras from Brazil's pre-salt region with recent acquisitions in African exploration fields.
Brazil's state-controlled oil giant, Petrobras, is in talks to acquire stakes in African exploration blocks from major players like ExxonMobil, Shell, TotalEnergies, and Equinor, according to Petrobras’ head of exploration and production, Sylvia dos Anjos.
The discussions include potential deals in Namibia, South Africa, and Angola as the company looks to leverage its deep-water drilling expertise. Among the opportunities is a potential 40% stake in Galp Energia’s Mopane oil and gas field in Namibia, a region geologically similar to Brazil.
Petrobras recently acquired minority stakes from Shell in three blocks off the coast of São Tomé and Príncipe, another African exploration target. This move marks a shift for Petrobras, which had previously concentrated on Brazil's pre-salt region.
Key Takeaways
Petrobras’ expansion into African oil fields reflects a strategic pivot as the company seeks to diversify beyond its traditional deep-water assets in Brazil. The Latin American oil major is capitalizing on geologic similarities between Brazil and African basins, such as Namibia, where promising offshore discoveries are emerging. With $11 billion earmarked for acquisitions, Petrobras is actively seeking partnerships with oil majors to tap into new reserves. This expansion is not limited to Africa.
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