Brazil’s state-controlled oil giant Petrobras is setting its sights on Africa as its top exploration priority outside of Brazil, marking a pivotal shift in its global strategy under the leadership of CEO Magda Chambriard.
In an exclusive interview with Reuters, Chambriard disclosed that Ivory Coast has granted Petrobras preferential rights to acquire nine offshore exploration blocks in deep and ultra-deep waters.
The move signals a sharp turn from the company’s previous strategy of scaling back international investments, as it now aggressively pursues expansion across the African continent.
“We are experts in the eastern margin of Brazil,” said Chambriard. “The correlation between Brazil and Africa is unequivocal, so we need to go to Africa.”
Petrobras is also in talks with Nigeria, Angola, and Namibia, all of which have shown interest in collaborating with the Brazilian oil major.
These potential partnerships align with Chambriard’s broader strategy to balance President Luiz Inacio Lula da Silva’s vision of using Petrobras as a catalyst for economic growth with the company’s obligation to deliver strong returns to investors, especially in a volatile global market facing sustained pressure from lower oil prices.
Africa’s geological similarities with Brazil’s offshore basins make it a natural fit for Petrobras’ technical expertise.
The renewed focus on African operations also reflects the company’s efforts to diversify its portfolio amid environmental and regulatory hurdles at home.
Notably, Petrobras’ plans to drill in the Foz do Amazonas basin—located off the coast of the Amazon rainforest—have been delayed due to permitting issues.
Chambriard said she expects the company to secure the final environmental approval by the second half of July.
Meanwhile, Petrobras has already made significant headway on the continent. In 2023, it acquired a stake in an offshore oil field in South Africa.
Earlier this year, it purchased interests in blocks off the coast of São Tomé and Príncipe, where it plans to drill its first well later in 2025. Despite these gains, Petrobras has faced setbacks.
The company was recently outbid by French energy giant TotalEnergies for a stake in Galp Energia’s offshore Mopane field in Namibia, a major new discovery. Still, the momentum is clear.
As Petrobras doubles down on exploration efforts abroad, Africa has become central to its long-term growth blueprint, a strategy that reflects both economic pragmatism and geopolitical ambition.
