Brazil’s Petrobras Eyes Africa for Growth Amid Global Oil Shift

Petrobras is setting its sights on Africa as its top exploratory focus outside Brazil, according to CEO Magda Chambriard. Côte d’Ivoire, an oil-producing West African nation, has already offered the company a chance to purchase nine offshore exploratory blocks. Similarly, Nigeria, Angola, and Namibia have also shown interest in working with the Brazilian oil giant. The company’s renewed push abroad comes as it faces delays in obtaining the relevant environmental permits to drill in Brazil’s Amazon region. In addition to these countries, Petrobras is also exploring expansions to India and São Tomé and Príncipe. Through its expansion strategy, the company aims to balance economic growth with Brasilia’s climate commitments ahead of COP30, which Brazil will host.

Reuters