Petrobras Plans Return to Nigeria Amid Upstream Realignment [Yahoo! Finance]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
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Source: Yahoo! Finance
After a decade-long absence, PBR is signaling renewed interest in Nigeria's offshore frontier acreage. This is in sync with its aggressive investment blueprint through 2029. This renewed engagement is expected to unlock mutual benefits for both nations, revitalizing a relationship that dates back to the 1980s when Brazil's state-controlled oil company operated in Nigeria's continental shelf. The resurgence of Petrobras in Nigeria's upstream sector reflects a larger ambition within its $111-billion five-year investment strategy, aiming to expand footprint beyond Brazil and tap into high-potential deepwater plays. The momentum for Petrobras' re-entry comes ahead of the Strategic Dialogue Mechanism (“SDM”) between Nigeria and Brazil. Stanley Nkwocha, senior assistant in the office of Nigeria's vice president, says the SDM offers a "golden opportunity" to strengthen collaboration between the two countries. “We have not maximally capitalized on the fraternity between us and Brazil, b
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