Brazilian oil group Petrobras is exploring new opportunities to expand across Africa. According to Sylvia dos Anjos, the company’s Director of Exploration and Production, the state-owned company is in talks with several major industry players, including ExxonMobil, Shell and TotalEnergies, to acquire stakes in oil assets in Angola, Namibia and South Africa.
The initiative is part of a long-term strategy to increase Petrobras’s oil reserves. The company expects its production to decline after 2030 and is seeking to diversify its sources of supply. “In our portfolio, it makes more sense. It is economical. They are our partners in Brazil, so it is easy to go anywhere with them. So it is natural,” dos Anjos said on the sidelines of India Energy Week.
Petrobras is currently targeting production of 2.8 million barrels per day (bpd) in 2025, with a goal of 3.1 million bpd by 2029. The company says it is satisfied with current oil prices, stating that its projects remain profitable even with a floor price of $45 per barrel.
The global benchmark Brent crude price hovered around $77 a barrel last Wednesday, affected by an increase in U.S. crude inventories and concerns about the impact of U.S. tariffs on the global economy.
Petrobras recently announced an increase in its proven reserves of oil, condensate and natural gas. These are expected to reach 11.4 billion barrels of oil equivalent (boe) in 2024, up from 10.9 billion boe in 2023. This increase reflects the company's strategy to deliver sustainable growth while strengthening its position on the global energy stage.
With these potential new acquisitions in Africa, Petrobras aims to consolidate its future and meet the energy challenges of the coming decades.