By Brazil Stock Guide – Nigerian President Bola Tinubu said oil producer Petrobras (PETR4) could swiftly resume operations in the country, five years after the Brazilian state-controlled company exited Africa’s top crude exporter.
Speaking alongside Brazilian President Luiz Inácio Lula da Silva during a two-day state visit aimed at strengthening bilateral ties, Tinubu emphasized Nigeria’s natural gas reserves and ongoing reforms to attract foreign investment.
“We have the largest gas repository. I see no reason why Petrobras should not return as a partner in Nigeria as quickly as possible,” Tinubu told reporters in Brasília on Tuesday. He added that Lula had assured him Brazil would move promptly on the matter.
Petrobras began operating in Nigeria in 1998, focusing on deepwater projects in the Niger Delta before divesting to raise funds for domestic investments. Nigerian officials say conditions have since improved, with better access to foreign exchange and measures to address chronic underproduction in the oil and gas sector.
The visit also produced several commercial agreements. Brazilian aircraft manufacturer Embraer (ERJ) will establish a service hub in Nigeria, while local airline Air Peace plans to launch direct flights between Lagos and São Paulo.
Bilateral trade reached $2.1 billion in 2024, with Brazil exporting $1 billion in goods—mainly sugar and preserves—and importing $1.1 billion, largely fertilizers. Discussions are ongoing over potential Petrobras partnerships in Nigeria’s deepwater oil blocks, including talks with existing operators such as ExxonMobil (XOM), Chevron (CVX), and TotalEnergies (TTE).
Source: Reuters
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