Brazilian oil and gas giant Petrobras is exploring entry into Namibia through the acquisition of a 40% stake in the Mopane oil and gas exploration block, currently owned – and put up for sale – by Portuguese energy firm Galp. The block represents one of Africa’s most promising offshore hydrocarbon plays – following multiple light oil discoveries at the Mopane Complex earlier this year – and aligns with Brazil’s efforts to expand its global oil and gas footprint. Pre-salt areas in western and southern Africa hold close geological similarities to Brazil’s resource-rich Santos and Campos basins, positioning the company as an ideal contender to unlock Namibia’s frontier acreage. Capitalizing on strong global interest in Africa’s offshore exploration assets, the Invest in African Energy Forum, scheduled for next May in Paris, will highlight opportunities for partnership, farm-ins and acquisitions that offer low exploration risk with high production potential.
Leveraging Technical Expertise: Petrobras’ Pre-Salt Success
Petrobras is widely-recognized for its success in the exploration and production of pre-salt oil reserves in the deep waters off the coast of Brazil. The company’s technical expertise in pre-salt geology – especially its ability to extract hydrocarbons from ultra-deep reservoirs located beneath thick layers of salt – has solidified its position as a leader in the industry. The geological similarities between Brazil’s offshore basins and the hydrocarbon basins of southern Africa provide a significant advantage to Petrobras in entering the Namibian market, with both regions sharing pre-salt characteristics. Petrobras’ deepwater technology, developed over years of working in the Campos and Santos Basins, could be a game-changer in unlocking Namibia’s offshore potential. With drilling and completion comprising anywhere from one third to more than half of a project’s total costs, the ability to drill fewer, yet more productive wells, is central to making pre-salt project economics work. By harnessing cutting-edge technologies to boost well productivity and recovery rates, Petrobras has halved the breakeven point for oil production on Brazil’s coastal shelf – a strategic advantage that could be replicated at Mopane.
Mopane: Potential Development Plans
Early estimates suggest the Mopane Complex could hold 10 billion barrels of oil equivalent or higher, which would make it one of the world’s largest offshore hydrocarbon discoveries. Galp is in the process of analyzing and collating data to create an updated reservoir model, which will be used to identify future drilling targets and guide exploration and appraisal works on the block. If the acquisition of the 40% stake is completed, Petrobras would assume operatorship and could leverage its technical prowess to launch a fast-tracked development strategy, focusing on deepwater drilling, subsea infrastructure and FPSO units. Initial development plans may involve exploratory drilling campaigns to assess the full extent of reserves, followed by phased production efforts aimed at maximizing output while minimizing environmental impacts.
Partnership with TotalEnergies
Petrobras’ potential entry into Namibia may also involve a partnership with TotalEnergies, a key player in southern Africa’s oil and gas sector. TotalEnergies is already active in Namibia’s Orange Basin, where it has secured several licenses and yielded the high-profile Venus-1 discovery in 2022, which is expected to reach FID by year-end. TotalEnergies CEO Patrick Pouyanné has stated the company’s interest in partnering with Petrobras outside of Brazil, with Namibia and Angola identified as potential areas of cooperation. A partnership between these two energy giants would create new synergies, combining TotalEnergies’ regional experience with Petrobras’ technical capabilities, and could accelerate development of Namibian assets like Mopane, which is located nearby the Venus-1 discovery in Block 2913B. Moreover, a joint venture would provide both companies with shared financial risks and operational expertise, making the partnership mutually advantageous as they seek to unlock southern Africa’s hydrocarbon potential.
Brazil’s Renewed Interest in Africa
Petrobras’ interest in Namibia reflects Brazil’s broader re-engagement with Africa, a region that has been a historic point of focus for Brazilian diplomacy and economic expansion. In recent years, Brazil has been looking to deepen its economic ties with African nations, with Petrobras playing a central role. In February this year, Petrobras marked its return to Africa with the acquisition of interests in three Shell-operated exploration blocks in São Tomé and Príncipe. The national oil company has allocated $1.3 billion over the next five years for exploration outside of Brazil, as the country seeks to expand its reserves and develop new frontiers. These moves signal Brazil’s growing interest in African energy markets, driven by the continent’s untapped resources and its potential to diversify Petrobras’ exploration and production portfolio.
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