The federal government is looking to receive a high-level delegation from Brazil’s state-owned oil company, Petrobras, which is planning a re-entry into Nigeria, years after it exited the country.
In May, Nigeria’s Foreign Minister, Yusuf Tuggar, disclosed that the country had started discussing exploration of its deep water oil acreage with Petrobras.
“Petrobras is no longer active in Nigeria, but they are very keen on coming back to Nigeria.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 in a statement from the vice president’s office as saying at the time.
Petrobras began operations in Nigeria in 1998 in the deep waters off the coast of the Niger Delta. But it sold off its stakes more than 10 years ago to raise cash for domestic projects.
Speaking on the company’s imminent return, the Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, stated on his X handle that he welcomed the Permanent Secretary, Dunoma Ahmed, with a view to putting finishing touches to the preparations.
“Today, I received a delegation from the Ministry of Foreign Affairs, led by its Permanent Secretary, Ambassador Dunoma Umar Ahmed. Our discussions focused on the upcoming visit by a high-level Brazilian delegation, particularly Petrobras, which has expressed interest in re-entering Nigeria’s oil and gas sector through opportunities in the upstream, midstream, and ethanol production space.
“I warmly welcome this renewed interest and reaffirm the federal government’s readiness to work with credible investors who share our commitment to sustainable development and mutual economic growth.
“I also want to commend the Ministry of Foreign Affairs for its efforts in facilitating international trade and investment, especially within our energy sector. As we anticipate the arrival of the Brazilian team, I emphasise the importance of continued inter-ministerial collaboration to ensure we are fully aligned and prepared to advance these discussions productively to the benefit of our country,” Ekpo added.
Nigeria’s search for investment in its oil and gas sector has become increasingly urgent, shaped by declining production, underinvestment, insecurity, and the global shift away from fossil fuels.
Once the economic backbone of the country and a major global oil player, Nigeria has found itself struggling to maintain relevance and productivity in the face of both internal and external pressures.
In response, the country has launched aggressive investment campaigns, promoting Nigeria as a viable investment destination, often emphasising its vast gas reserves as a transition fuel in the global energy mix.
Meanwhile, Shell, the world’s largest trader of liquefied natural gas, will add up to 12 million metric tons of additional capacity between now and the end of the decade from projects under construction, a top executive said on Thursday.
“(There is) up to 12 million tons of additional (LNG) capacity that we’re adding between now and the end of the decade,” Shell’s President of Integrated Gas, CedericCremers, said at Wood Mackenzie’s Gas, LNG and the Future of Energy Conference in London.
“That is not an ambition. Those are all projects that are currently in construction,” he said.
The projects included one in Canada, two in Qatar, and others in Nigeria and the UAE, a Reuters report said.
Analysts estimate Shell is a current buyer of around 70 million metric tons per annum of contractual LNG. Last year, Shell LNG Marketing and Trading delivered nearly 65 million tonnes of LNG to more than 30 countries across the globe, according to the company’s website.
Cremers said Shell was building up its capacity to supply customers through acquisitions such as the Pavilion Energy deal in Singapore, which it completed by the end of the first quarter, and via contracts with third-party suppliers.
Shell has a significant footprint in Nigeria’s gas industry, operating a large transmission and distribution network, supplying gas to various industrial and commercial customers, and supporting the Nigerian government’s “Decade of Gas” initiative.
Recently, Shell made a Final Investment Decision (FID) on the Bonga North project, a deep-water project off the coast of Nigeria. The FID, valued at $5 billion, was taken in December 2024.
Emmanuel Addeh
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