Petrobras Returns to African Oil Market with Acquisition in Sao Tome and Principe

📆 29/12/2023 10:30 ص
📰 LeadershipNGA

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Energy أخبار

Petrobras,Brazilian Oil Company,African Oil Market

Brazilian oil company Petrobras has purchased three exploration blocks in Sao Tome and Principe, signaling its reentry into the African oil and gas market. This move comes after the company sold its Nigerian assets three years ago. Petrobras' decision to exit Nigeria in 2020 was driven by financial difficulties and a strategic shift. However, the company has since recovered and is now prioritizing international growth.

Brazilian oil giant Petrobras has bought three exploration blocks in Sao Tome and Principe, marking its return to the African oil and gas market. This comes three years after the company sold off its Nigerian assets.

Petrobras' exit from Nigeria in 2020 was due to financial struggles and a desire to streamline its global portfolio. However, the company has experienced a turnaround and is now focusing on international expansion.

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