The Nigerian National Petroleum Company Limited (NNPCL) has revealed that Petrobras, the state-owned oil behemoth of Brazil, is seeking new avenues in Nigeria’s upstream sector, focusing particularly on deepwater and ultra-deep-water ventures.
In a message shared on X (formerly Twitter) on Wednesday, NNPCL stated that its Executive Vice-President for Upstream, Udy Ntia, engaged with Petrobras Chief Executive Officer, Magda Chambriard, during President Bola Tinubu’s official visit to Brazil.
“Petrobras conveyed its eagerness to investigate fresh territories, in line with NNPC Ltd.’s dedication to nurturing mutually advantageous collaborations in the energy domain.NNPCL reaffirms commitment to beneficial partnerships
NNPCL also said it took part in a high-level Business Roundtable hosted by Citi Brasil in São Paulo, held on the sidelines of President Tinubu’s State Visit to Brazil.
According to the statement, the NNPC delegation led by Ntia engaged with senior government officials, industry leaders, and business executives from Nigeria and Brazil.
“The session provided a platform to explore new opportunities for collaboration, advance practical pathways for trade, investment flows, and infrastructure financing between the two countries. NNPC Ltd. reaffirmed its commitment to fostering mutually beneficial partnerships with international counterparts,” NNPCL stated.
Backstory
On Tuesday, President Tinubu welcomed Petrobras’s imminent return to Nigeria, five years after Brazil’s state-owned oil company halted its joint venture operations.
Speaking at a joint press conference in Brasília during his State Visit to Brazil on Monday, Tinubu described Petrobras’ comeback as a milestone that would “reignite robust economic cooperation” in the oil and gas sector between both nations.
“We have the largest gas repository. So, I don’t see why Petrobras doesn’t join as a partner in Nigeria as soon as possible. I appreciate President Lula’s promise that this will be done as soon as possible,” he said in a statement signed by his Special Adviser on Information and Strategy, Bayo Onannuga.
During the state visit, Nigeria and Brazil signed five Memoranda of Understanding (MoUs) to strengthen trade, diplomacy, science, aviation, and finance cooperation.
Back in May 2017, Petrobras decided to divest as much as $21 billion worth of assets, following a dramatic increase in the company’s debt to $100 billion at the time.
