Brazilian oil giant Petrobras has signed two new cooperation agreements with Angola’s national oil company (Sonangol) and oil regulator (ANPG), marking its official return to the country’s oil and gas sector.
Petrobras has historically held significant upstream assets in Angola’s oil sector before withdrawing in 2014.
The first of the two agreements was signed with Sonangol during Angolan President João Lourenço’s state visit to Brazil, while the other was formalized earlier in March with Angola’s national oil and gas regulator, ANPG.
Petrobras’ collaboration with ANPG will focus on conducting joint studies and research in oil and gas exploration and aims at identifying new offshore exploration zones along the Angolan coast.
Meanwhile, the second agreement with Sonangol is geared toward enhancing cooperation in research and development across the oil and gas value chain.
Notably, these agreements do not entail any immediate financial commitments from Petrobras.
Instead, they are intended to grant Petrobras access to Angola’s regulatory and technical frameworks, laying the foundation for future exploration and investment activities.
Brazilian President Luiz Inácio Lula da Silva has hailed the development as the “official return of Petrobras to Angola.”
One likely area of focus for Petrobras will be Angola’s deepwater reserves, given the company’s extensive experience in similar offshore geological terrains.
This renewed interest in Angola is part of a broader move by Petrobras to re-establish its footprint across Africa.
The company recently expressed interest in returning to Nigeria’s offshore sector and has initiated discussions with Nigerian officials.
Earlier in 2024, Petrobras acquired stakes in three offshore blocks in the waters of São Tomé and Príncipe.
This was the company’s first major African investment since divesting from Nigeria’s Agbami offshore field in 2020.
According to the Ecofin Agency, Petrobras has also secured a 10% stake in the Deep Western Orange Basin off South Africa’s coast and is also exploring potential investments in Namibia’s offshore sector.
The agreements with Angola show a growing energy alliance between Brazil and the African continent.
They set Angola firmly back on Petrobras’ radar, as the former aims to solidify its place as a key oil producer on the continent.
Angola, which exited from OPEC last year, is Africa’s second-largest crude oil producer after Nigeria.