Brazil’s state-owned oil company, Petrobras, has marked a strategic return to the African oil and gas sector with the acquisition of a 42.5 per cent stake in an offshore oil exploration block off the coast of Namibia.
The latest move signals a renewed push by the global energy major to expand its international upstream portfolio and tap into high-potential deepwater resources beyond its home market.
Under the deal, TotalEnergies also acquired a 42.5 per cent interest in the block and will serve as operator, while local firms Eight and Namcor Exploration and Production will hold 5 per cent and 10 per cent respectively. The asset was sold by Maravilla Oil & Gas, which is exiting the block.
The acquisition aligns with Petrobras’ 2026–2030 business plan and reflects a broader strategic shift towards African markets after years of limited engagement on the continent.
Throughout much of the 2010s, Petrobras concentrated its operations on Brazil’s deepwater pre-salt basins, scaling back activities in Africa, including in Angola, Nigeria and Ghana. This retreat was driven by regulatory challenges, high exploration costs and weaker return expectations, as the company prioritised domestic projects.
However, industry watchers say the company’s re-entry into Africa is a deliberate move to position the continent as a key growth frontier outside Brazil. Speaking on the company’s strategy, Petrobras Chief Executive Officer, Magda Chambriard, said Africa is expected to play a central role in its future expansion, with Namibia, Angola and Nigeria identified as priority markets.
Analysts note that the Namibia offshore deal reflects a wider trend among major energy companies increasing investments in West and Southern Africa to meet rising global energy demand. Firms such as TotalEnergies and Chevron have also stepped up activity across the region.
The Namibia acquisition further underscores Petrobras’ strategy of partnering with both international and local operators to diversify its reserves and spread operational risk, while leveraging its technical expertise in deepwater exploration.
Although the transaction remains subject to regulatory approvals and other customary conditions, observers say the deal sends a strong signal of Petrobras’ renewed commitment to Africa and reinforces Namibia’s growing status as an emerging energy hub on the continent.
