Brazil's Petrobras has purchased a 42.5 per cent stake in an oil exploration field off the coast of Namibia, the state-run company said on Friday, seeking to tap new exploration frontiers in Africa to replenish oil reserves.
The deal was in partnership with TotalEnergies, which also acquired a 42.5 per cent stake and will operate the asset, Petrobras said in a securities filing without disclosing the transaction's value.
"This acquisition marks Petrobras' return to Namibia and is aligned with the company's long-term strategy," the Brazilian company said, adding that the move was also in line with its 2026-2030 business plan.
Petrobras CEO Magda Chambriard told Reuters last year that the company aimed to make Africa its main region of development outside Brazil as it looks to boost reserves, citing countries such as Namibia, Angola and Nigeria.
That marked a strategy shift under leftist President Luiz Inacio Lula da Silva. Under previous governments, Petrobras had divested assets in Africa as part of a plan to focus on high-productivity areas in Brazil's pre-salt fields.
As part of the Namibia deal, Petrobras said, Eight and Namcor Exploration and Production will hold five per cent and 10 per cent stakes in the block respectively. Maravilla Oil Gas is selling its stake.
(Reporting by Isabel Teles; Writing by Gabriel Araujo. Editing by David Goodman.)
