Petrobras seeks oil assets in Africa to increase reserves.
The state-owned company is in talks with oil companies, including partners ExxonMobil, Shell, and TotalEnergies, to buy stakes in these companies' assets.
Reuters - Petrobras wants to buy stakes in oil assets in Africa, mainly in Angola, Namibia and South Africa, to increase its reserves amid expectations of falling production after 2030, a company executive said on Wednesday.
The state-owned company is in talks with oil companies, including its partners ExxonMobil, Shell and TotalEnergies, to buy stakes in these companies' African assets, Sylvia dos Anjos, Petrobras' exploration and production director, told Reuters on the sidelines of the India Energy Week conference.
"In our portfolio, it makes more sense. It's economical. They are our partners in Brazil, so it's easy to go somewhere (with them). Therefore, it's natural," she said.
Petrobras expects to produce 2,8 million barrels per day (bpd) in 2025 and plans to increase that number to 3,1 million bpd by 2029, dos Anjos said.
The company is comfortable with current oil prices, as its projects are "sustainable at a very low price of $45 per barrel," he added.
Global benchmark Brent crude snapped a three-day winning streak on Wednesday, sitting near $77 a barrel, hampered by rising U.S. crude oil inventories and concerns that U.S. trade tariffs will impact the global economy.
Last month, Petrobras said that its estimated proven reserves of oil, condensate, and natural gas rose to 11,4 billion barrels of oil equivalent (boe) in 2024, up from 10,9 billion boe in 2023.
