Petrobras seeks to acquire oil fields in African countries to increase the amount of reserves of the state -owned company, which provides for production decline from 2030. The interest of buying wells, especially in Angola, Namibia and South Africa, was informed by Petrobras Exploration and Production Director, Sylvia Anjos, in New Delhi, India.
According to the director, the Brazilian state -owned company is in conversations with multinational oil companies such as Exxonmobil (United States), Shell (United Kingdom) and Totalenergies (France), which are already partners of Petrobras in oil production in Brazil.
The statement was made to the news agency Reuters last Wednesday (12) and confirmed by Brazil agency. The director participated in India Energy Week, an international meeting that brings together representatives of the oil industry.
For the director, the acquisition of wells in African countries makes sense in the company’s portfolio. Petrobras’ intention is exposed at a time when the company seeks new borders of oil exploration and production, thinking of reversing the decline of current reserves, provided for the 1920s.
Return to the African continent
Petrobras again maintained operations on the African continent last year. On February 8, the company completed the acquisition of stakes in three exploratory blocks in Sao Tome and Principe, on the western coast of Africa. In two blocks the participation is 45%; and in the third, 25%.
In October 2024, the Petrobras Board of Directors approved the performance of the company in South Africa, Enabling the acquisition of participation in the Deep Western Orange Basin (DWOB) block, through a competitive process conducted by Totalenergies.
According to the state’s 2025-2029 business plan, 10% participation in the South African block depends on local government approval.
New borders
Here in Brazil, the main front of exploratory interest is the Equatorial marginregion on the north coast of the country considered as great potential, a kind of “new pre-salt”.
The exploitation depends, however, the authorization of the Brazilian Institute of Environment and Renewable Natural Resources (Ibama), an agency linked to the Ministry of Environment and climate change.
Activists point out concerns about the environment and increased use of fossil fuel, one of the causes of global warming. President Luiz Inacio Lula da Silva pressed, last Wednesday (12), that the Ibama authorizes exploration.
There is also great interest of the oil company in Pelotas Basinon the southern coast of Brazil. Petrobras owns 29 exploration wells in the region.
One factor that explains the interest in the Pelotas Basin is oil discoveries in Uruguay and Africa – Namibia and South Africa. The two geographical backs have physical characteristics that resemble.
South America and USA
In addition to positions in Africa, Petrobras has operations in South America and the United States.
In Colombia, the state -owned company announced in December 2024 the discovery of the largest gas reserve in the country’s history. THE giant well sirius-2exploited in a consortium with Ecopetrol, state of Colombian oil, has a capacity of almost half of Petrobras’ daily gas production in Brazil.
The discovery can increase the current reserves of Colombia by 200%. However, the Brazilian company explained that, at first, production will be intended to supply the demand of the Colombian domestic market.
Two other wells in the region – Buena Suerte and Papayuela – are in the consortium exploration line, which opens expectation so that there is surplus production, and Brazil can import gas from Colombia.
In Argentina, through the subsidiary Petrobras Operations SA, the company holds a 33.6% stake in Rio Neuquén production assets.
In Bolivia, it produces gas mainly in the fields of San Alberto and San Antonio, with 35% participation in each of these service operation contracts, which are mainly operated to provide gas to Brazil and Bolivia.
In the United States, the performance takes place in deep waters in the Gulf of Mexico, with 20% of Petrobras America Inc., forming with Murphy Exploration & Production Company to Joint Venture MPGom.
PRODUCTION AND RESERVATIONS
Petrobras’ total oil and natural gas production reached 2.7 million barrels of equivalent oil per day (boed) in 2024. More than 80% pre-salt (Southeast coast).
In late January, the company reported that estimates of proven oil, condensed and natural gas reserves point 11.4 billion barrels of equivalent oil (BOE) after 2024. 85% are oil and condensed and 15% natural gas.
Of this amount, 1.3 billion barrels were incorporated in 2024.
“Considering the expected production for the coming years, it is essential to continue investing in the maximization of the recovery factor, the exploration of new borders and the diversification of the exploratory portfolio to replace oil and gas reserves,” said the state -owned company in publicizing the total of the total of proven reserves.
