Petrobras Set To Return To Nigeria For Oil, Gas, And Ethanol Ventures Amid High-Level Talks

Petrobras Set to Return to Nigeria for Oil, Gas, and Ethanol Ventures Amid High-Level Talks

Brazil’s state-owned oil company, Petrobras, is making plans to return to Nigeria’s oil and gas sector after more than a decade of absence. The company, which previously operated in Nigeria’s deep offshore fields, is now looking to explore new opportunities across the upstream, midstream, and ethanol production value chains. Discussions are underway between both countries, and the Nigerian government is preparing to receive a high-level Brazilian delegation in the coming weeks.

The renewed engagement was first confirmed in May by Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, who revealed that Petrobras had expressed strong interest in acquiring frontier acreage in the country’s deepwater zones. The company originally entered Nigeria in 1998 but sold off its assets over ten years ago to raise funds for projects back home in Brazil. Now, with fresh interest in Nigeria’s energy potential, Petrobras is seeking to reestablish its presence amid favorable policy shifts and investment incentives.

Nigeria’s Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, also confirmed the planned visit, stating that he met with a delegation from the Ministry of Foreign Affairs led by its Permanent Secretary, Ambassador Dunoma Ahmed, to finalize preparations. He welcomed the development and emphasized the federal government’s readiness to work with credible investors who share Nigeria’s vision for sustainable development and mutual economic growth.

Nigeria is in urgent need of foreign investment in its oil and gas sector, as the country battles declining crude production, limited capital inflow, insecurity in oil-producing regions, and the global pivot toward renewable energy. Once a dominant oil producer in Africa, Nigeria has struggled in recent years to maintain its relevance in the global energy market. In response, it has launched aggressive investment campaigns positioning itself as a competitive destination, especially in the natural gas space which is being promoted as the country’s key transition fuel.

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Meanwhile, Shell—one of the world’s largest LNG traders and a major player in Nigeria’s energy sector—continues to expand its gas portfolio globally. Shell’s President of Integrated Gas, Cederic Cremers, recently announced the addition of up to 12 million metric tons of LNG capacity from projects under construction in Canada, Qatar, Nigeria, and the UAE. The company also reaffirmed its deep commitment to Nigeria, citing its role in the country’s “Decade of Gas” initiative and its $5 billion Final Investment Decision on the Bonga North deep-water project in December 2024.

Petrobras’ anticipated return and Shell’s continued expansion underscore a growing interest in Nigeria’s energy potential. As the country prepares to engage new and returning partners, its ability to foster transparent, secure, and investor-friendly conditions will be crucial in unlocking sustainable development and energy access for its population.