Petrobras Pursues 40% Stake in Namibian Oil Block

Brazil's Petrobras is aggressively pursuing a 40% stake in the Mopane oil and gas exploration block in Namibia, which is currently owned by Portugal's Galp Energia. This strategic move aims to enhance Petrobras' global footprint, particularly as domestic exploration in Brazil slows. The company's Exploration and Production Director, Sylvia dos Anjos, emphasized the importance of acquiring the full stake for operational efficiency, stating that 'operating with less than 40% is very bad.' Despite a non-binding offer made in July, negotiations have seen little progress. The geological similarities between Namibia and Brazil's pre-salt regions present Petrobras with a strong competitive advantage, positioning the company well to capitalize on Namibia's emerging energy potential. Petrobras is also exploring opportunities in Argentina's Vaca Muerta shale region as part of its $102 billion five-year plan.