Brazil's state oil company, Petrobras, has expressed interests to invest in Nigeria's frontier deepwater acreage
This comes ahead of the 2025 Nigeria-Brazil Strategic Dialogue Mechanism as a major step towards bilateral cooperation that saw the revival of the company's interest in the region after previously having left the Agbami Field where it was operating
The positive dialouge was an outcome of the interministerial review meeting chaired by Nigeria's Vice President Kashim Shettima at the Presidential Villa, Abuja, to coordinate the country's preparations for the second session of the SDM scheduled for June.
"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," said Shettima.
Nigeria is also keen on leveraging Brazil's global reach as the country will also be hosting this year's high-end summits such as BRICS, G20 and COP30.
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 Petrobras is no longer active in Nigeria, but they are very keen on coming back to Nigeria.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."
Petrobras to restore interest in Nigerian deepwaters
Petrobras had previously operated the Agbami Field in Nigeria before dropping out. (Image source: Adobe Stock)
