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Petrobras Looks to Acquire Stakes in African Oil Projects

by Krystal

Brazil’s state-controlled oil company, Petrobras, is actively seeking investments in African oil projects from major firms like ExxonMobil, Shell, TotalEnergies, and Equinor. This initiative is part of Petrobras’ strategy to move beyond its traditional deep-water fields in Brazil, especially as domestic exploration activities have decreased.

The company has identified ten potential projects across Africa, specifically in countries such as Namibia, South Africa, and Angola. A notable opportunity includes a 40% stake in Galp Energia’s Mopane oil and gas field in Namibia, which is recognized for its promising offshore prospects. Additionally, Petrobras has acquired minority stakes in three oil blocks from Shell in São Tomé and Príncipe.

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This strategic pivot is influenced by geological similarities between Africa and Brazil. Historically, the two continents were connected, resulting in comparable oil-rich basins on either side of the Atlantic. Namibia is particularly viewed as a future oil leader, similar to the significant oil discoveries in Guyana.

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Beyond Africa, Petrobras is also exploring natural gas opportunities in Argentina’s Vaca Muerta shale region. The company is in discussions with firms like YPF and Tecpetrol to secure gas supplies and support local industries.

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With $11 billion set aside for acquisitions as part of its $102 billion five-year plan, Petrobras is well-equipped to pursue these new ventures. However, the company has decided against returning to Venezuela due to environmental concerns in areas such as Lake Maracaibo.

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Looking forward, Petrobras is focused on obtaining permits to explore the Foz do Amazonas basin in Brazil’s Equatorial Margin. The company aims to replicate Exxon’s successful discoveries in Guyana in this region.

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