NNPC opens talks with Petrobras to attract fresh investments into Nigeria
By Olakunle Oke
The Nigerian National Petroleum Company Limited (NNPC Ltd) has resumed discussions with Brazil’s state-owned energy firm, Petrobras, as part of efforts to attract new investment into Nigeria’s oil and gas sector.
Talks were held between NNPC’s Executive Vice President for Upstream, Mr Udy Ntia, and Petrobras Chief Executive Officer, Magda Chambriard, in what industry stakeholders describe as a potential turning point for Nigeria’s upstream portfolio.
Welcoming Petrobras back into Nigeria’s energy space, Ntia drew attention to the country’s vast 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,” he said.
He noted that recent reforms introduced by the Federal Government have created a predictable and competitive investment climate, backed by a stronger regulatory framework and attractive fiscal incentives.
“We are building on a stable legal and policy environment to ensure investors like Petrobras find Nigeria not only attractive but also sustainable for long-term growth,” he added.
The discussions reportedly centred on Petrobras’s possible re-entry into Nigeria’s upstream sector, with an emphasis on frontier deepwater basins where government has been driving new production efforts.
Petrobras exited Nigeria in 2021 during a global portfolio restructuring, but Chambriard signalled renewed interest, 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,” she stated.
Industry analysts believe Petrobras’s return could bring in capital and advanced technical expertise while supporting Nigeria’s energy transition agenda. The move could also help the country meet its crude production targets for 2027 and 2030, strengthening both domestic supply and export volumes.
NNPC described the engagement as part of its broader international collaboration strategy and reiterated its ambition to position Nigeria as a dependable energy supplier to 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 concluded, the partnership is expected to bolster Nigeria-Brazil trade ties, drive technology transfer, and expand cooperation in gas monetisation, an area where Brazil possesses significant expertise.