Rio de Janeiro — The main focus of Brazil state-run oil firm Petrobras remains in its home country, its director of exploration and production said on Thursday, adding that Brazil was a priority even as it intends to expand into Africa.
Petrobras has been publicly showing interest in expanding its oil fields in Africa as it seeks to renew its oil reserves for the future. The move follows years of a more Brazil-focused approach by the firm.
The Brazilian oil giant is evaluating billion-dollar blocks in Africa, director Sylvia dos Anjos told Reuters in an interview, adding that more than ten opportunities have been analyzed by the company.
“We can keep both: the campaign in Africa and here (in Brazil),” Anjos said on the sidelines of an oil and gas event in Rio de Janeiro. “Our number one priority is Brazil,” she added.
Anjos’ comments come after the director had said in July that the if the firm was not welcome in Brazil, it would go somewhere else to maintain production.
Petrobras has been struggling to obtain environmental licenses to drill for oil in Brazil, delaying exploration plans for its most promising oil frontier, in the so-called Equatorial Margin.
The director said on Thursday Petrobras’ plans in Africa include potentially partnering with global oil firms, such as Exxon, Shell and TotalEnergies.
“Several major oil firms have offered us proposals to enter the blocks they already have,” Anjos said, without giving further details.
Petrobras has already made an non-bidding offer in the sale process opened by Portugal’s Galp regarding Namibia’s Mopane oil and gas exploration block.
Beyond Namibia, Anjos said the firm is also analyzing opportunities in South Africa, Sao Tome and Principe and Angola.
*Rodrigo Viga Gaier; Andre Romani; editing: Aurora Ellis – Reuters
This article was originally posted at sweetcrudereports.com
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