NNPC opens talks with Petrobras to attract fresh investments into Nigeria

By Olakunle Oke 

The Nigerian National Petroleum Company Limited (NNPC Ltd) has opened renewed discussions with Brazil’s state-owned energy giant, Petrobras, in a bid to draw fresh investments into Nigeria’s oil and gas industry.

The talks were held between NNPC’s Executive Vice President, Upstream, Mr. Udy Ntia, and Petrobras Chief Executive Officer, Magda Chambriard, in what stakeholders describe as a potential game-changer for Nigeria’s upstream portfolio.

Ntia, while welcoming Petrobras back into Nigeria’s energy space, highlighted the country’s enormous potential, particularly in deepwater and ultra-deepwater exploration.

“Nigeria offers unparalleled opportunities in deepwater and ultra-deepwater exploration. With 37 billion barrels of proven oil reserves and over 200 trillion cubic feet of gas reserves, the case for investment is compelling,” Ntia said.

He added that recent reforms by the Federal Government have created a stable and attractive investment climate, underpinned by a strengthened regulatory framework and competitive tax incentives.

“We are building on a stable legal and policy environment to ensure investors like Petrobras find Nigeria not just attractive but sustainable for long-term growth,” he assured.

Discussions reportedly centered on Petrobras’s possible re-entry into Nigeria’s upstream sector, with a focus on frontier deepwater basins where the government is pushing aggressively for new production growth.

Petrobras had exited Nigeria in 2021 following a global portfolio restructuring, but Chambriard signaled renewed interest during the meeting, describing Nigeria as a “strategic energy partner” for Brazil.

“Nigeria remains a strategic energy partner for Brazil, and we are keen to examine areas where we can contribute and grow together,” Chambriard stated.

Industry watchers believe Petrobras’s return could inject much-needed capital, advanced technical expertise, and support Nigeria’s energy transition agenda. 

The move is also expected to help the country achieve its ambitious crude production targets for 2027 and 2030, boosting both domestic supply and export volumes.

NNPC said the engagement aligns with its broader strategy of international collaboration and its ambition to position Nigeria as a reliable energy supplier in global markets.

“Nigeria is open for business, and our message to Petrobras is clear: we are ready to work with you to create mutually beneficial value for both countries,” Ntia declared.

If finalized, the partnership could deepen Nigeria-Brazil trade relations, spur technology transfer, and expand cooperation in gas monetisation, an area where Brazil has significant expertise.