Petrobras Brazil Considering Investment Investment in Nigeria

Nigerian National Petroleum Company (NNPC) Limited has announced that Petrobras, a Brazilian state -owned oil giant, is exploring the possibility of re -entering the Nigerian upstream sector.

According to a statement issued on Wednesday, Udy NTia, Vice President of the NNPC Hulu Executive, met with Executive Chief Petrobras Magda Chambriard during the visit of the State President Tinubu to Brazil.

NNPC said the conversation centered on “Rebuilding Energy Partnership between Nigeria and Brazil” and included invitations for Petrobras to continue operations in Nigeria after leaving in 2021. Discussions that focus on opportunities in the exploration of Deepwater and Ultra-Deepwater.

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“Dialogue shows Nigeria’s commitment to attract investment, supported by a legal framework, strong regulations, and tax incentives,” NNPC stated, highlighting Nigerian reserves that were proven to be 37 billion barrels of oil and 200 trillion cubic feet as attractive assets for collaboration.

The company also revealed that its delegation participated in a high -level business round table organized by Citi Brazil in São Paulo, involved with senior government officials, industrial leaders, and executives from the two countries.

Minister of Finance Wale Edun, who spoke at the session, repeated Nigeria’s readiness to welcome investment, emphasized that the country remained “open to business” in line with its broader economic strategy.