Brazilian oil giants Petrobras, is set to return to Nigeria’s petroleum sector five years after it exited the country.
According to Nigeria’s Foreign Minister Yusuf Tuggar Nigeria is discussing exploration of its deep water oil acreage with the firm.
“Petrobras is no longer active in Nigeria, but they are very keen on coming back to Nigeria. They said they want frontier acreage in deep waters,” Tuggar was quoted as saying in a statement
This is part of Nigeria’s efforts to deepen ties with Brazil in areas such as energy, health, culture, and agriculture.
Petrobras initially began operations in Nigeria in 1998 in the deep waters off the coast of the Niger Delta. But it sold off its stakes in 2015 to raise cash for domestic projects.
