From Exit to Expansion: Brazil’s Oil Giant Eyes Nigeria Again

Brazil’s oil giant Petrobras is plotting a return to Nigeria’s energy scene, signaling a dramatic shift from its 2020 exit. According to Nigeria’s Vice President Kashim Shettima, the company’s renewed interest is fueled by economic reforms under the Tinubu administration and growing bilateral ties. Petrobras, a key stakeholder in major fields like Agbami and Egina, exited Nigeria as part of efforts to streamline operations and refocus on domestic projects. However, it now eyes a return, seeking frontier deepwater acreage as part of efforts to diversify its exploration portfolio. The move comes ahead of the 2025 Nigeria–Brazil Strategic Dialogue Mechanism, where fresh sector-specific MoUs are expected. With Nigeria eager to revive foreign investment and Petrobras eyeing new offshore opportunities, a high-stakes energy reunion may be on the horizon.