Brazil’s state-owned oil giant, Petrobras, is poised to re-enter Nigeria’s oil industry, targeting frontier deepwater acreage.

This was disclosed in a statement by the Minister of Foreign Affairs, Ambassador Yusuf Tuggar.

The announcement, relayed by Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications, signals a revival of the company’s presence in Africa’s largest oil producer.

Petrobras, which previously exited Nigeria after winding down operations at the Agbami Field, is now engaging with Nigerian authorities to capitalize on the country’s ongoing economic reforms under President Bola Ahmed Tinubu.

The move aligns with preparations for the 2025 Nigeria-Brazil Strategic Dialogue Mechanism aimed at strengthening bilateral ties.

The development was a key focus during an interministerial review meeting on May 14, 2025, chaired by Vice President Kashim Shettima at the Presidential Villa in Abuja.

Petrobras’ return is expected to bolster Nigeria’s deepwater exploration efforts and enhance economic cooperation between the two nations.

Yusuf Tuggar confirmed ongoing engagements with Petrobras, stating, “Apart from ethanol, which they are hoping to engage the NNPCL for blending, Petrobras is also being actively engaged, and we expect they will form part of the delegation to Nigeria. Petrobras is no longer active in Nigeria, but they are very keen on coming back. They said they want frontier acreage in deep waters”.

The Foreign Affairs Minister emphasised that Brazil’s preparations for the dialogue are well advanced, with both government agencies and private sector players being actively engaged by the Brazilian Vice President.

The Ministry of Foreign Affairs, which is coordinating the interministerial working groups, noted that at least 12 draft MOUs are pending approval from the Ministry of Justice, targeting areas such as energy, health, culture, and agriculture.

Speaking at the meeting, Vice President Shettima said, “The presence of six ministers and the Solicitor-General of the Federation in this review meeting ahead of the second session of the Nigeria-Brazil Strategic Dialogue Mechanism shows the importance we have attached to our relationship with Brazil.”

Shettima acknowledged that Nigeria has not yet fully capitalized on its relationship with Brazil, adding, “It is better late than never.”

He urged the ministers to ensure that the upcoming SDM serves as an opportunity to finalize sector-specific Memoranda of Understanding and unlock investment flows into Nigeria.

The Vice President emphasized that 2025 is a crucial year for Nigeria-Brazil relations, noting that the convergence of key international events creates a unique opportunity for Nigeria to advance its global interests.

In May 2017, Petrobras announced plans to divest up to $21 billion in assets after its debt surged to $100 billion.

The company aimed to sell not only its Nigerian oil fields but also other assets to reduce its debt.

As part of this strategy, Petrobras agreed to sell $2.9 billion worth of assets to Equinor AXA, a Norwegian firm.