On the sidelines of President Bola Ahmed Tinubu’s State Visit to Brazil, the Executive Vice President of NNPC Ltd, Mr. Udy Ntia, met with Magda Chambriard, Chief Executive Officer of Petrobras, Brazil’s state-owned energy company.
The high-level engagement focused on reviving energy partnerships between Nigeria and Brazil, with particular emphasis on encouraging Petrobras to resume operations in Nigeria after its 2021 exit.
Discussions highlighted Petrobras’s potential re-entry into Nigeria’s upstream sector, with strong interest in deepwater and ultra-deepwater opportunities.
The talks further underscored Nigeria’s readiness to attract investment, backed by a solid legal and regulatory framework as well as tax incentives designed to encourage foreign participation. With an estimated 37 billion barrels of oil reserves and 200 trillion cubic feet of gas reserves, Nigeria presents a robust opportunity for renewed collaboration.
Petrobras expressed keen interest in exploring new investment areas, aligning with NNPC Ltd.’s commitment to building mutually beneficial global energy partnerships.
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