Rio de Janeiro – Petrobras aims to buy stakes in African oil assets to boost its reserves as it expects output to fall after 2030. The interest in purchasing wells—mainly in Angola, Namibia, and South Africa—was revealed by Petrobras’ Exploration and Production director, Sylvia dos Anjos, in New Delhi, India.
According to the director, the Brazilian state energy firm is in talks with multinational oil companies, such as ExxonMobil (USA), Shell (UK), and TotalEnergies (France), which are already partners of Petrobras in oil production in Brazil.
The information was given to Reuters news agency on Wednesday (12) and confirmed by Agência Brasil. The director participated in the India Energy Week, an international meeting that brings together representatives from the oil industry.
According to the director, acquiring oil fields in African countries makes sense for the company’s portfolio. Petrobras’ intention comes at a time when the company is seeking new exploration and production frontiers to reverse the expected decline in current reserves projected for the 2030s.
Back to the African continent
Petrobras resumed operations on the African continent last year. On February 8, the firm completed the acquisition of stakes in three exploratory blocks in São Tomé and Príncipe, located on the west coast of Africa. It holds a 45% stake in two blocks and 25% in the third.
In October 2024, Petrobras’ Board of Directors approved the company’s operations in South Africa, enabling the acquisition of a stake in the Deep Western Orange Basin (DWOB) block through a competitive process led by TotalEnergies. According to Petrobras’ 2025-2029 Business Plan, the 10% stake in the South African block is subject to local government approval.
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Translated by Guilherme Miranda
