Petrobras is progressing with acquisitions of exploratory assets along the African continental coast, targeting countries including São Tomé and Príncipe, Namibia, Ghana, Ivory Coast, and South Africa. Concurrently, the company plans new drilling activity in the Potiguar Basin, Brazil, aiming to unlock small-scale discoveries and enhance basin potential.
Petrobras’ Exploration and Production director Sylvia Anjos confirmed that the company has several advanced negotiations underway to acquire stakes or assets via auctions on the African coast, though firm announcements await contract finalization. Recent strategic movements underscore Petrobras’ renewed presence in Africa, marked by the February acquisition of a 42.5% interest in Namibia’s offshore Block 2613, a region whose geology aligns with South America’s southern basins. Past investments since 2023 include stakes in São Tomé and Príncipe and South Africa, marking a strategic re-entry after Petrobras sold its African subsidiary, PetroÁfrica, in 2020 for $1.45 billion. Petrobras has actively disregarded opportunities in India for current portfolio fit reasons, citing the need for very large accumulations to justify investment given the geographic distance. The African offshore basins remain more attractive due to geological similarities with Petrobras’ South American assets.
Domestically, Petrobras intends to drill a new well in the Potiguar Basin after concluding activities in the Foz do Rio Amazonas Basin. Previous discoveries in Potiguar have not moved to development stages, hindered by challenges in establishing new production units. The new drilling aims to confirm reserves, thereby justifying the commercial viability of smaller nearby discoveries and increasing basin productivity.
This exploration push aligns with Petrobras’ 2026-2030 Business Plan, which projects $109 billion in capital expenditures focused largely on oil and gas production, including 14 new FPSOs and targeted investments in exploration such as $3.1 billion allocated for the Equatorial Margin. Petrobras continues to emphasize low-cost, low-emission operations, blending core upstream investments while advancing its energy transition and maintaining financial discipline amid a challenging global oil price environment. The strategic focus on Africa represents an extension of portfolio diversification and international growth, complementing Petrobras’ strong position in the Brazilian pre-salt.
