Petrobras Eyes African Oil Fields to Bolster Reserves Amid Declining Production Forecasts

Brazilian state-owned oil company Petrobras announced plans to acquire oil fields in Africa to counter an expected production decline starting in 2030.

Sylvia Anjos, Petrobras’ Director of Exploration and Production, confirmed the company’s interest in fields located in Angola, Namibia, and South Africa.

Talks are underway with major players like ExxonMobil, Shell, and TotalEnergies, which already collaborate with Petrobras in Brazil. Petrobras resumed its African operations last year. On February 8, 2024, it completed the acquisition of stakes in three exploratory blocks off São Tomé and Príncipe.

The company holds a 45% stake in two blocks and 25% in the third. In October 2024, Petrobras’ board approved its entry into South Africa’s Deep Western Orange Basin (DWOB) block through a competitive process led by TotalEnergies.

The company’s 10% stake in DWOB awaits local government approval as part of its 2025–2029 Business Plan. Domestically, Petrobras is eyeing Brazil’s Equatorial Margin along the northern coast, touted as a “new presalt” region with significant exploration potential.

However, environmental clearance from IBAMA remains a hurdle amid debates between environmentalists and government officials. The company is exploring the Pelotas Basin along Brazil’s southern coast. This effort is driven by recent oil discoveries in neighboring Uruguay, Namibia, and South Africa.

Petrobras Expands Presence Across the Americas

Beyond Africa and Brazil, Petrobras maintains a strong presence across the Americas. In Colombia, it partnered with state-owned Ecopetrol to discover the country’s largest-ever gas reserve, Sirius-2, in December 2024.

This find could boost Colombia’s gas reserves by 200%. In Argentina, Petrobras holds a 33.6% stake in the Río Neuquén production asset. Bolivia, produces gas from the San Alberto and San Antonio fields, holding a 35% share in each contract.

In the U.S., Petrobras operates deepwater assets in the Gulf of Mexico through a joint venture with Murphy Exploration & Production Company. Petrobras produced 2.7 million barrels of oil equivalent per day (boed) in 2024, with over 80% sourced from Brazil’s presalt fields.

Its proven reserves reached 11.4 billion barrels of oil equivalent by January 2025, including 1.3 billion barrels added during 2024. Of these reserves, 85% consist of oil and condensate, while gas accounts for the remaining 15%.

The company emphasized continued investment in recovery efficiency, frontier exploration, and portfolio diversification to sustain its reserves amidst future challenges.

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