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An impressive discovery could change the direction of Petrobras and Brazil. Amid internal challenges, the Brazilian state-owned company is about to make a decision that could redirect its investments outside the country. Namibia, with its vast oil and gas reserves, could become the company's new focus.
According to information published by journalist Marta Nogueira, from the Terra portal, Petrobras presented a non-binding proposal to acquire a stake in the Mopane oil and gas exploration block, located in Namibia.
The offer came after an invitation from the Portuguese company Galp, which holds 80% of the block and launched, in April, a process to sell half of this stake.
The Mopane field is estimated to contain at least 10 billion barrels of oil and gas equivalent, a significant amount that attracted the interest of Petrobras amid difficulties faced in obtaining environmental licenses in Brazil.
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Petrobras' Director of Exploration and Production, Sylvia dos Anjos, revealed that the Brazilian company was approached by Galp due to its expertise in deepwater operations.
“We are the best deep water operators... The normal thing is, whoever wants an operator, will look for Petrobras”, highlighted Anjos. The partnership between the two companies is nothing new; They have already collaborated in several Brazilian pre-salt fields, such as Tupi, Atapu and Sépia.
Despite international interest, Petrobras faces internal challenges. In Brazil, the Ibama strike has delayed important projects and the issuance of licenses, directly affecting oil production.
As published on the CPG portal, the Foz do Rio Amazonas Basin is a critical area, where Petrobras had a license application denied in May 2023.
The company is now awaiting a response to a reconsideration request, as the region is considered a new oil frontier with sensitive environmental issues.
Anjos expressed frustration with the obstacles faced in the country, stating that Petrobras “was born to develop the country” and that the current difficulties are “unacceptable”.
The executive made it clear that, although the company prefers to invest in Brazil, it is open to seeking opportunities where there are fewer barriers.
“We want to work in Brazil, but if we are not well received, we will go somewhere, and we will maintain our production”, he stated.
The impacts of the Ibama strike are significant. The Brazilian Petroleum Institute (IBP) estimates that the stoppage could result in a reduction of 200 thousand barrels per day in national production, mainly affecting the Mero, Búzios and Marlim fields, which received new platforms last year.
This scenario reinforces the importance of Petrobras in replenishing its oil reserves, not only to guarantee the continuity of production, but also to finance the future energy transition.
Petrobras' possible entry into the African oil and gas market could represent a significant strategic change for the company and the Brazilian energy sector.
The decision, however, is still under analysis, and the next steps will depend on negotiations with Galp and the conditions offered for the exploration of the Mopane block.
Do you think Petrobras should invest in new exploration frontiers outside Brazil or focus on solving internal problems? Leave your opinion in the comments!
If it depends on the environmental license, it can go to another country. Ibama blocks everything, it seems like no one manages this agency, and it's a shame.
It's on purpose.
In Brazil, everything is difficult, which is why we are always behind. We need to do away with all this bureaucracy.