Joy Agwunobi
Petrobras, Brazil’s leading oil and gas enterprise, is set to head a delegation of Brazilian businesses at the upcoming African Energy Week (AEW): Invest in African Energy conference, set to take place from November 4-8.
The initiative reflects Brazil’s increasing commitment to establishing new partnerships within Africa’s dynamic oil and gas sector, following a series of substantial acquisitions by Brazilian firms throughout the continent.
Recognised as Africa’s premier energy event, the AEW brings together stakeholders from various sectors, including project operators, financiers, technology innovators, and government officials. It serves as a vital platform for deal-making and fostering collaborative efforts in the energy landscape across Africa.
During the conference, Petrobras and its delegation will participate in several panel discussions focusing on key topics such as frontier exploration, sustainable oil and gas development, and innovative drilling technologies. Their involvement aims to create strategic partnerships that will empower African nations to fully leverage their offshore oil and gas resources, unlocking collaborative opportunities with significant implications for the continent’s energy sector.
Petrobras is amplifying its efforts in Africa, with noteworthy activities in South Africa, Namibia, and São Tomé and Príncipe. Recently, the company secured a 10 per cent stake in the offshore Deep Western Orange Basin in South Africa, a promising region neighbouring areas where substantial oil discoveries have been made in Namibia.
In Namibia, Petrobras is keenly pursuing a 40 per cent stake in the Mopane oil and gas exploration block, which is currently up for sale by the international company Galp. This block is estimated to contain approximately 10 billion barrels of recoverable reserves. If Petrobras successfully acquires this interest, it would mark the company’s entry into a market renowned for hosting some of Africa’s most significant offshore discoveries in recent years, furthering its strategy to expand its international presence.
Petrobras’ renewed commitment to Africa was notably emphasised by its acquisition of interests in three Shell-operated exploration blocks in São Tomé and Príncipe in December 2023, which reinforced the company’s ambition to establish a strong presence in frontier markets and is backed by a $1.3 billion allocation for exploration initiatives outside Brazil over the next five years.
Additionally, Petrobras has expressed its intention to explore further opportunities across various frontier markets, actively seeking access to geological data in countries such as Angola, Sierra Leone, Equatorial Guinea, Liberia, Benin, and Ivory Coast with the aim to bolster production capacity while unlocking the emerging potential these regions present.
NJ Ayuk, the executive chairman of the African Energy Chamber, highlighted the synergies between Brazil and African nations, stating, “The exploration and production experience of Brazil aligns closely with that of many African nations, especially in frontier markets like Namibia. Shared geological characteristics and large-scale projects can expedite the development of oil and gas resources in Africa. Petrobras is playing a crucial role in enhancing its African asset portfolio and advancing projects in collaboration with local and international partners.”
The souls of our ancestors will now rest in peace!