Not long ago, Africa had fallen off Petrobras’ strategic map. Under the weight of debt and the fallout from the “Lava Jato” corruption scandal, the Brazilian state-controlled oil company retreated from its overseas ventures and doubled down on its core Brazilian assets, especially the lucrative pre-salt fields. Projects across Africa, once part of its international expansion drive, were sidelined.

That shift is now reversing. In the past two years, Petrobras has quietly moved back into position along Africa’s Atlantic coast — from São Tomé and Príncipe to Namibia, and through Angola, Côte d’Ivoire and South Africa. This time, the company is not being discreet: its executives are openly signaling that Africa is once again part of its long-term growth strategy.

At a time when global oil majors are seeking new growth areas, Brazil’s Petrobras is rebuilding its African footprint after withdrawing from the continent a decade ago under financial pressure.

In early February, Petrobras announced an agreement to acquire a 42.5% stake in an offshore block off Namibia. The deal remains subject to approval by Namibian authorities and marks another step in the company’s gradual return to Africa.

A partnership with TotalEnergies

Petrobras is re-entering Namibia through a partnership with France’s TotalEnergies. The two companies agreed to acquire equal stakes in the project from Eight Offshore Investment and Maravilla Oil & Gas.

The license covers about 11,000 square kilometers in an area that has become a focal point of global exploration following major discoveries in the neighboring Orange Basin by several oil majors.

“We have been carefully evaluating areas that have shown good prospects both in Brazil and other parts in the world. We have been carefully evaluating areas that have shown good prospects, both in Brazil and in other parts of the world. Working with partners in this new block marks Petrobras’ return to Namibia and will be very important within the company’s strategy of seeking new frontiers,” said Magda Chambriard, Petrobras’ chief executive.

She said the deal forms part of a medium- and long-term strategy to renew the company’s oil and gas reserves.

Returning to Africa

Before Namibia, Petrobras had already moved into several African projects in recent months. In December 2023, the company acquired stakes in three oil blocks in São Tomé and Príncipe.

The transaction followed a competitive process facilitated by Shell, with which Petrobras signed a protocol agreement in March 2023 to identify new upstream business opportunities. Petrobras secured 45% stakes in blocks 10 and 13 and 25% in block 11. In 2025, it strengthened its position by acquiring 27.5% in another offshore block in the archipelago.

In October 2024, the company approved the acquisition of a 10% stake in the Deep Western Orange Basin (DWOB) block in South Africa, following a process led by TotalEnergies. The deepwater project lies in an area where significant discoveries have been made by TotalEnergies, Shell and Portugal’s Galp.

“We have considerable geological knowledge of the region, largely analogous to our sedimentary basins. We are closely monitoring the West African coast and the good opportunities in Africa. This was the case in São Tomé and Príncipe, South Africa, and now Namibia,” said Sylvia Anjos, Petrobras’ exploration and production director, in early February.

Beyond these countries, the group has signed protocol agreements in Angola to identify new exploration targets. It has submitted a declaration of interest for nine offshore blocks in Côte d’Ivoire with a view to negotiating exploration contracts. In Nigeria, exploratory discussions are under way with authorities regarding a return to deepwater projects.

When Petrobras withdrew from the continent

Once present in several African countries, Petrobras began a broad divestment program in the mid-2010s. It gradually sold assets in Angola, Libya and Tanzania. In 2020, it completed its exit from Nigeria, one of its last historical strongholds on the continent, selling for $1.45 billion its indirect stake in three major oil fields to Canada’s Africa Oil Corp.

In 2020, it completed its exit from Nigeria, one of its last historical strongholds on the continent, selling for $1.45 billion its indirect stake in three major oil fields to Canada’s Africa Oil Corp.

The withdrawal came at a difficult time for the company. Petrobras was at the center of the Lava Jato corruption scandal, a sweeping investigation that exposed a system of inflated contracts and kickbacks involving company executives, construction firms and political figures. Beyond the legal and political fallout in Brazil, the scandal weakened the company’s financial position. At the same time, oil prices collapsed, with Brent falling from more than $100 per barrel to below $30 in early 2016.

In May 2016, the French daily Les Echos wrote: “Two years after the corruption scandal began, the state-owned company is still recovering. Its production fell below 2 million barrels of oil per day. Hit like other oil companies by the collapse in crude prices, it accumulated losses of about $10 billion in just over a year.”

Petrobras then carried one of the highest debt levels in the global oil industry. Reducing debt, stabilizing the balance sheet and refocusing on the most profitable and strategic assets became priorities. International divestments, including in Africa, were central to that strategy.

Balancing expansion and discipline

Today, the situation has shifted. Over recent years, Petrobras has reduced debt and restored financial flexibility. At the end of last year, its executives approved a five-year business plan providing for $109 billion in investments.

Against that backdrop, returning to a continent where it has accumulated significant offshore experience appears consistent with its strategy, especially as several international majors are targeting Africa for expansion.

For African countries, the arrival of an experienced deepwater operator could strengthen the technical credibility of emerging provinces. For Petrobras, the move is more than geographic diversification. The group expects a possible production decline after 2030, making the securing of new reserves critical.

In 2024, its proved reserves rose to 11.4 billion barrels of oil equivalent, while production reached 3 million barrels of oil equivalent per day at the end of 2025. Its ability to renew these volumes will shape its standing among global oil majors and its central role in Brazil’s economy.

Offshore exploration, particularly in deep waters, remains costly and uncertain. Few indicators allow a clear assessment of the outcome of this renewed push, either for Petrobras or for African host countries, as the sector faces regulatory demands and pressures linked to the energy transition.

Louis-Nino Kansoun