Brazil's Petrobras is looking for African oil assets to increase reserves

Petrobras, the Brazilian oil company, wants to purchase stakes in African oil assets - primarily in Angola and Namibia - to increase its reserves, as it anticipates that production will fall after 2030. A senior executive revealed this on Wednesday.

Sylvia dos Anjos told the India Energy Week conference that the Brazilian state-owned energy company is in discussions with existing partners ExxonMobil and Shell to purchase a stake of their African assets.

It makes more sense in our portfolio. It's economical. It is convenient to travel anywhere with them because they are our partners. "It is just natural", she said.

Petrobras plans to increase production to 3.1 millions barrels per day by 2029.

She added that the company was comfortable with current oil price as their projects were "sustainable at an extremely low price of $45 per barrel".

Brent crude oil, the global benchmark, ended a three-day winning streak on Wednesday and hovered near $77 per barrel. This was due to higher U.S. crude stocks and concerns that U.S. tariffs would hit the global economic system.

Petrobras announced last month that it expects its proven reserves of natural gas, oil and condensate to reach 11.4 billion barrels equivalents (boes) by 2024. This is up from the 10.9 billion boes in 2023. (Reporting and editing by Florence Tan, Tom Hogue, and Barbara Lewis; Additional reporting from Yagnoseni das in Bengaluru.)

(source: Reuters)