The Nigerian Nationwide Petroleum Firm Restricted (NNPCL) has introduced that Petrobras, Brazil’s state-owned oil large, is exploring recent alternatives in Nigeria’s upstream sector, with particular consideration to deepwater and ultra-deep-water alternatives.
In an announcement posted on X (previously twitter) on Wednesday, NNPCL mentioned its Government Vice-President for Upstream, Udy Ntia, met with Petrobras Chief Government Officer, Magda Chambriard, on the sidelines of President Bola Tinubu’s state go to to Brazil.
“Petrobras expressed curiosity in exploring new areas, aligning with NNPC Ltd.’s dedication to fostering mutually useful partnerships within the power sector.
“The engagement targeted on rebuilding power partnerships between Nigeria and Brazil, with a selected emphasis on inviting Petrobras to renew operations in Nigeria following their exit in 2021.
“Discussions centred on Petrobras’s potential re-entry into Nigeria’s upstream sector, with particular consideration to deepwater and ultra-deep-water alternatives.
“The dialogue demonstrates Nigeria’s dedication to draw funding, supported by a robust authorized, regulatory framework and tax incentives.
“With 37 billion barrels of oil reserves and 200 trillion cubic toes of gasoline reserves, Nigeria presents a compelling case for collaboration. Petrobras expressed curiosity in exploring new areas, aligning with NNPC Ltd.’s dedication to fostering mutually useful partnerships within the power sector,” the NNPCL said.
NNPCL reaffirms dedication to useful partnerships
NNPCL additionally mentioned it took half in a high-level Enterprise Roundtable hosted by Citi Brasil in São Paulo, held on the sidelines of President Tinubu’s State Go to to Brazil.
In keeping with the assertion, the NNPC delegation led by Ntia engaged with senior authorities officers, business leaders, and enterprise executives from Nigeria and Brazil.
“The session supplied a platform to discover new alternatives for collaboration, advance sensible pathways for commerce, funding flows, and infrastructure financing between the 2 international locations. NNPC Ltd. reaffirmed its dedication to fostering mutually useful partnerships with worldwide counterparts,” NNPCL said.
Backstory
On Tuesday, President Tinubu welcomed Petrobras’s imminent return to Nigeria, 5 years after Brazil’s state-owned oil firm halted its three way partnership operations.
Talking at a joint press convention in Brasília throughout his State Go to to Brazil on Monday, Tinubu described Petrobras’ comeback as a milestone that might “reignite strong financial cooperation” within the oil and gasoline sector between each nations.
“Now we have the biggest gasoline repository. So, I don’t see why Petrobras doesn’t be part of as a companion in Nigeria as quickly as attainable. I admire President Lula’s promise that this can be carried out as quickly as attainable,” he mentioned in an announcement signed by his Particular Adviser on Info and Technique, Bayo Onannuga.
Throughout the state go to, Nigeria and Brazil signed 5 Memoranda of Understanding (MoUs) to strengthen commerce, diplomacy, science, aviation, and finance cooperation.
Again in Could 2017, Petrobras determined to divest as a lot as $21 billion value of belongings, following a dramatic improve within the firm’s debt to $100 billion on the time.