Petrobras Eyes Return To Nigeria’s Oil Sector, Targets Deepwater Acreage

** As VP Shettima mobilises ministers to capitalise on Brazil’s hosting of BRICS, G20, COP30

By: Our Reporter

Petrobras, the state oil company of Brazil, is seeking to re-enter Nigeria’s oil sector, with a specific interest in frontier deepwater acreage.

As the economic reforms of the administration of President Bola Ahmed Tinubu take root, the company, which had previously wound down its operations in Nigeria at the Agbami Field, is now actively engaging with Nigerian authorities as part of broader efforts to revitalise bilateral cooperation ahead of the 2025 Nigeria-Brazil Strategic Dialogue Mechanism (SDM).

This was part of the discussions on Wednesday during the interministerial review meeting chaired by Vice President Kashim Shettima at the Presidential Villa, Abuja, to coordinate Nigeria’s preparations for the second session of the SDM scheduled for June 2025.

Speaking at the meeting, VP Shettima said, “The presence of six ministers and the Solicitor-General of the federation in this review meeting ahead of the second session of the Nigeria-Brazil Strategic Dialogue Mechanism shows the importance we have attached to our relationship with Brazil.

“We have not maximally capitalised on the fraternity between us and Brazil, but it is better late than never. The upcoming SDM presents an opportunity to execute sector-specific Memoranda of Understanding (MOUs) and unlock investment flows.”

The Vice President particularly noted that 2025 represents a critical moment of interface with Brazil, emphasising that the convergence of international events provides Nigeria a unique opportunity to advance its interests on the global stage.

“This year is our moment of interface with Brazil. Brazil is hosting so many global events this year, from the BRICS Summit to the G20 Summit and COP30. This convergence of events provides us with a unique opportunity to advance our interests on the global stage,” the Vice President said.

VP Shettima commended the ministers for their passion and aggression in pursuing Nigeria’s national interest, noting that “there is a sea change in our attitude, disposition, and commitment.”

Earlier, Minister of Foreign Affairs, Ambassador Yusuf Tuggar, confirmed ongoing engagements with Petrobras, saying, “Apart from Ethanol, which they are hoping to engage the NNPCL for blending, Petrobras is also being actively engaged, and we expect they will form part of the delegation to Nigeria. Petrobras is no longer active in Nigeria, but they are very keen on coming back to Nigeria. They said they want frontier acreage in deep waters.”

The Foreign Affairs Minister further reported that Brazil’s preparations for the dialogue are well advanced, with both government agencies and private sector players being actively engaged by the Brazilian Vice President.

The Ministry of Foreign Affairs, which is coordinating the interministerial working groups, has compiled at least 12 draft MOUs pending approval from the Ministry of Justice. These cover areas such as energy, health, culture, and agriculture.

Also, Minister of Art, Culture, Tourism, and Creative Economy, Hannatu Musawa, emphasised the historical and ancestral connections between Nigeria and Brazil, noting that a significant percentage of Brazilians trace their roots to Nigeria.

“We must not only preserve this relationship but deepen it. We’ve finalised MOUs with the Nigerian Film Corporation on audiovisual co-productions, the National Gallery of Arts for joint exhibitions, and the Centre for Black and African Arts and Civilisation ahead of FESTAC at 50 next year,” Musawa said.

On agriculture, Minister of Agriculture, Senator Abubakar Kyari, outlined completed MOUs focused on research collaborations: “We have finalised MOUs that focus on research in three areas of soybean value chain development, cassava research and technology transfer and agro-forestry systems, which promote integrated crop and livestock models and erosion control and climate adaptation,” he said.

The minister noted that these efforts build on the previously signed Green Imperative Project (GIP) agreement between Nigeria and Brazil.

Also, Coordinating Minister of Health and Social Welfare, Professor Muhammad Pate, pointed to Brazil’s achievements in universal health coverage as a model for Nigeria.

He said, “There are important opportunities for us in several areas in our efforts to achieve universal health coverage and primary health care between Nigeria and Brazil- they have done a lot that we can learn from them. There is the aspect of knowledge sharing and workforce, and human capital training in specialised areas.

“We see potential for collaboration in pharmaceutical research, local drug manufacturing, and workforce training. Brazil’s experience in addressing tropical and sub-tropical diseases makes it an ideal partner for joint research and development.”

Other ministers present at the meeting included the Minister of Livestock Development, Idi Mukhtar Maiha and the Minister of Environment, Balarabe Lawal.

Petrobras Eyes Return To Nigeria’s Oil Sector, Targets Deepwater Acreage