Nigeria and Petrobras discuss deep water acreage, according to a minister

Nigeria’s foreign minister, Yusuf Tuggar, stated that the country is talking with Petrobras about exploring its deep sea oil holdings, years after the Brazilian oil giant left the west African country.

“Although they are no longer operating in Nigeria, Petrobras is eager to return. A statement from the vice president’s office cited Tuggar as saying, “They said they want frontier acreage in deep waters.”

After hosting last year’s G20, Brazil is scheduled to host this year’s COP30 and BRICS conference.

Nigeria wants to strengthen its relationship with Brazil in fields including energy, health, culture, and agriculture, and the African country intends to encourage investment at these summits.

ExxonMobil (XOM.N), Shell (SHEL.L), and TotalEnergies (TTEF.PA), current partners, were among the corporations with which the Brazilian state energy giant said in February that it was in negotiations to purchase a portion of their African holdings.

Located in the deep seas off the Niger Delta coast, Petrobras started operations in Nigeria in 1998. In order to raise money for domestic programs, it sold off its holdings more than ten years ago.