The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that Petrobras, Brazil’s state-owned oil firm, is exploring new opportunities in Nigeria’s upstream oil and gas sector, with particular focus on deepwater and ultra-deep-water projects.
The announcement was made in a statement shared by NNPCL on X (formerly Twitter) on Wednesday. According to the company, its Executive Vice-President for Upstream, Udy U. Ntia, held a strategic meeting with the Chief Executive Officer of Petrobras, Magda Chambriard, during President Bola Ahmed Tinubu’s state visit to Brazil.
NNPCL explained that the discussion focused on reviving energy cooperation between Nigeria and Brazil, while also extending an invitation to Petrobras to return to Nigeria, four years after its exit from the country. Petrobras had previously withdrawn from Nigerian operations in 2021, but the new talks are aimed at re-establishing the company’s footprint in Africa’s largest oil producer.
The statement added that Petrobras showed strong interest in exploring fresh areas that align with NNPCL’s current push to attract global partners and investments. “Petrobras expressed interest in exploring new areas, aligning with NNPC Ltd.’s commitment to fostering mutually beneficial partnerships in the energy sector,” NNPCL noted.
Part of the discussions also highlighted Nigeria’s vast hydrocarbon potential. With an estimated 37 billion barrels of proven oil reserves and about 200 trillion cubic feet of natural gas, Nigeria remains one of the most resource-rich countries on the continent. NNPCL stated that the federal government has put in place a strong legal and regulatory framework as well as tax incentives to attract international oil companies, including Petrobras.
The company further disclosed that its officials joined a high-level Business Roundtable hosted by Citi Brasil in São Paulo, which took place on the sidelines of President Tinubu’s state visit. The NNPC delegation, led by Ntia, engaged with senior government officials, industry leaders, and executives from both Nigeria and Brazil. According to the corporation, the roundtable provided a platform to explore new ways to boost trade, promote investment flows, and finance critical infrastructure.
President Tinubu, who is on a state visit to Brazil, welcomed the potential return of Petrobras to Nigeria. At a joint press briefing held in Brasília on Monday, Tinubu described the development as an important step that would reignite strong cooperation between Nigeria and Brazil in the oil and gas sector.
The President said Nigeria’s large gas reserves should be an incentive for Petrobras to partner with the country. “We have the largest gas repository. So, I don’t see why Petrobras doesn’t join as a partner in Nigeria as soon as possible. I appreciate President Lula’s promise that this will be done as soon as possible,” Tinubu said in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga.
During the visit, Nigeria and Brazil also signed five Memoranda of Understanding (MoUs) covering trade, diplomacy, science, aviation, and financial cooperation. These agreements are expected to strengthen bilateral ties and open up more areas of collaboration beyond oil and gas.
Industry experts note that Petrobras’ interest comes at a time when Nigeria is looking to boost investment in its energy sector. The country has been facing declining oil production in recent years due to theft, pipeline vandalism, and underinvestment. A return of Petrobras could therefore signal renewed confidence in Nigeria’s oil and gas industry.
Petrobras itself has undergone major restructuring in recent years. Back in May 2017, the company announced plans to divest as much as $21 billion worth of assets to address its mounting debt, which had risen to about $100 billion at the time. That decision led to the gradual reduction of its operations in Africa, including Nigeria.
Now, with the company’s financial situation more stable and under new leadership, its interest in Nigeria represents both a comeback and a chance to diversify its international operations. Energy observers say the company’s expertise in deepwater exploration could be a valuable asset to Nigeria, especially as the country seeks to expand production from offshore fields.
For NNPCL, the talks with Petrobras reinforce its wider strategy of building partnerships with international oil and gas firms. The company has repeatedly stressed that it is open to collaborations that will bring technology, capital, and expertise into Nigeria’s energy sector, while ensuring mutual benefits for all parties.
