Brazil’s Petrobras wants to buy stakes in African oil assets, mainly in Angola, Namibia and South Africa, to boost its reserves as it expects output to fall after 2030, a senior executive said on Wednesday.
The Brazilian state energy firm is in talks with companies, including existing partners ExxonMobi, Shell and TotalEnergies, to buy a share of their African assets, Sylvia dos Anjos, the company’s director for exploration and production, told Reuters on the sidelines of the India Energy Week conference.
“In our portfolio, it makes better sense. It is economical. They are our partners in Brazil so it is easy to go anywhere (with them). So it is natural,” she said.
Petrobras hopes to produce 2.8 million barrels per day (bpd) in 2025 and has plans to raise that 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 a barrel”, she added.
Global benchmark BrentLCOc1 snapped a three-day streak of gains on Wednesday to hover near $77 a barrel, weighed down by higher U.S. crude stockpiles and concern U.S. trade tariffs will hit the global economy.
Last month, Petrobras said that its estimated proven reserves of oil, condensate, and natural gas climbed to 11.4 billion barrels of oil equivalent (boe) in 2024, up from 10.9 billion boe in 2023.
