Petrobras eyes return to Nigeria, targets deepwater oil investment

Innocent RaphaelMay 14, 2025

1 minute read

IMG 20250514 WA0043 — Vice President Kashim Shettima ( R) with Minister of Foreign Affairs, Yusuf Maitama Tuggar during Nigeria - Brazil Strategic Dialogue Mechanism meeting at the Presidential Villa in Abuja on Wednesday (14/05/2025).

By Kunle Sanni

Brazil’s state-owned oil giant, Petrobras, is set to re-enter Nigeria’s oil sector with a focus on frontier deepwater blocks, signaling a renewed push in Nigeria-Brazil energy relations. The move comes as Nigeria prepares for the second session of the Nigeria-Brazil Strategic Dialogue Mechanism (SDM), scheduled for June 2025.

Vice President Kashim Shettima disclosed Petrobras’ interest during an interministerial review meeting at the Presidential Villa in Abuja. He said the initiative aligns with President Bola Tinubu’s wider strategy to attract global investment and strengthen international ties.

“This year is our moment of engagement with Brazil,” Shettima said, referencing Brazil’s hosting of the BRICS Summit, the G20 Summit, and COP30. “These events offer a unique platform to advance Nigeria’s global standing.”

Foreign Affairs Minister Yusuf Tuggar confirmed ongoing discussions with Petrobras, noting the company’s interest in deepwater frontier acreage and ethanol blending partnerships with the Nigerian National Petroleum Company Limited (NNPCL).

Tuggar also revealed that 12 draft Memoranda of Understanding (MoUs) covering energy, agriculture, culture, and health are under review and awaiting legal clearance. He said Brazilian government and private sector stakeholders are preparing actively for the SDM.

IMG 20250514 WA0045 — From left. Deputy chief of staff to the President, Office of the Vice President, Senator Ibrahim Hadejia ; Special Adviser to the President on General Duties, Office of the Vice President, Aliyu Modibo and Director of Protocol, Office of the Vice President, Adamu Idris Mohammed during Nigeria – Brazil Strategic Dialogue Mechanism meeting at the Presidential Villa in Abuja on Wednesday (14/05/2025).

Minister of Art, Culture, Tourism and Creative Economy, Hannatu Musawa, emphasized historical and cultural ties between both nations, highlighting upcoming collaborations in film and heritage exhibitions tied to FESTAC at 50.

Minister of Agriculture, Senator Abubakar Kyari, noted progress on MoUs related to joint research and technology transfer in soybean, cassava, and agroforestry—initiatives aligned with the Nigeria-Brazil Green Imperative Project.

Health Minister Professor Muhammad Pate described Brazil as a model for Nigeria’s health reform agenda, citing opportunities in pharmaceutical research, local manufacturing, and medical training to support universal health coverage.