WINDHOEK, Feb 7 – Brazil’s state-controlled oil producer Petrobras has acquired a 42.5% stake in an offshore oil exploration block off the coast of Namibia, marking a strategic return to Africa as the company looks to rebuild its reserve base.
The transaction was completed in partnership with France’s TotalEnergies, which also purchased a 42.5% interest and will operate the block. Petrobras disclosed the deal in a securities filing on Friday but did not reveal the purchase price. Sources familiar with the matter said the transaction valued the asset at about $3.3 billion, below earlier market expectations of $3.5 billion.
Under the ownership structure, Eight and Namibia’s national oil company Namcor Exploration and Production will hold 5% and 10% stakes respectively, while Maravilla Oil and Gas exited the project as part of the deal.
Petrobras said the acquisition aligns with its long-term strategy and its 2026–2030 business plan, which prioritises expanding exploration activity beyond Brazil’s mature assets. The company described the move as a return to Namibia, underscoring renewed interest in African frontier basins.
Chief Executive Officer Magda Chambriard said last year that Africa is set to become Petrobras’ main growth region outside Brazil, with Namibia, Angola and Nigeria identified as priority markets for future reserve additions.
The deal reflects a broader strategic shift under President Luiz Inacio Lula da Silva. In previous administrations, Petrobras scaled back its African footprint as it focused on high-yield pre-salt fields offshore Brazil. The renewed push into Africa signals a reassessment as global oil demand remains resilient and competition for high-quality reserves intensifies.
Namibia has emerged as one of the world’s most closely watched exploration hotspots following a string of major offshore discoveries in recent years. International oil companies have increasingly targeted the country’s deepwater basins, drawn by geological similarities to Brazil’s prolific offshore fields across the Atlantic.
