Nigeria is engaging in discussions with Brazilian oil giant Petrobras regarding the exploration of its deep water oil acreage.
This comes years after Petrobras ceased its operations in the West African nation.
Foreign Minister Yusuf Tuggar stated Petrobras is eager to return to Nigeria, specifically seeking frontier acreage in deep water areas.
Nigeria aims to promote investment opportunities at upcoming BRIC, G20, and COP30 summits in Brazil.
The African nation seeks stronger ties with Brazil in sectors like energy, health, culture, and agriculture.
Earlier this year, Petrobras indicated interest in acquiring stakes in African assets from companies like ExxonMobil, Shell, and TotalEnergies.
Petrobras initially operated in Nigeria’s deep waters off the Niger Delta from 1998 but divested its stakes over a decade ago to fund domestic projects.