Petrobras Plans Deepwater Return to Nigeria Ahead of 2025 Dialogue

Brazil's state-owned oil company, Petrobras, is planning to re-enter Nigeria's oil sector with a focus on frontier deepwater exploration, as part of efforts to strengthen bilateral relations between Nigeria and Brazil. This initiative follows Petrobras' previous exit from Nigeria after operating in the Agbami Field and is motivated by renewed investment opportunities under President Bola Tinubu's economic reforms. The development was discussed during a high-level interministerial review meeting chaired by Vice President Kashim Shettima at the Presidential Villa in Abuja, ahead of the second Nigeria-Brazil Strategic Dialogue Mechanism (SDM) scheduled for June 2025. Shettima emphasized the strategic importance of the relationship with Brazil and highlighted the unique opportunity presented by Brazil hosting major global events in 2025, such as the BRICS Summit, G20, and COP30, to advance Nigeria's global interests. Discussions also include signing sector-specific Memoranda of Understanding to unlock investment flows and deepen cooperation between the two nations. Nigerian officials expressed optimism about revitalizing bilateral cooperation and welcomed Petrobras' renewed engagement with Nigerian authorities.