Brazilian oil group Petrobras is exploring new opportunities for expansion on the African continent. According to Sylvia dos Anjos, the company's Exploration and Production Director, the state-owned company is in talks with several major companies in the sector, including ExxonMobil, Shell and TotalEnergies, with a view to acquiring stakes in oil assets in Angola, Namibia and South Africa.
This initiative is part of a long-term strategy to increase Petrobras' oil reserves. The company expects its production to decline after 2030 and is therefore seeking to diversify its sources of supply. "In our portfolio, it makes more sense. It's economic. They're our partners in Brazil, so it's easy to go anywhere with them. So it's natural," explained dos Anjos on the sidelines of the India Energy Week conference.
Petrobras is currently aiming to produce 2.8 million barrels per day (bpd) by 2025, with a target of 3.1 million bpd by 2029. The company says it is satisfied with current oil prices, maintaining that its projects remain profitable even with a floor price of $45 a barrel.
The world's benchmark barrel of crude oil, Brent, hovered around 77 dollars on Wednesday, affected by a rise in US crude inventories and concerns about the impact of US 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.
