Economy
What Petrobras’ Potential Return Means For Nigeria’s Deepwater Operations: EXPLAINER
What Petrobras’ Potential Return Means For Nigeria’s Deepwater Operations: EXPLAINER
What Petrobras’ potential return means for Nigeria’s deepwater operations: EXPLAINER. In the last one year, four international oil companies (IOCs) have signed deepwater deals with Nigeria, and the number will soon increase as Petrobras, a Brazilian state-owned oil company, plans to return to Africa’s largest crude producer.
On August 26, President Bola Tinubu said Petrobras will soon return to Nigeria — five years after it exited — adding that the renewed engagement would reignite economic cooperation in the energy sector between both countries.
The announcement by Tinubu came three months after Vice-President Kashim Shettima said Petrobras was seeking re-entry into Nigeria’s oil sector, with a specific interest in frontier deepwater acreage.
Deepwater operations involve drilling and extracting oil and natural gas from beneath the ocean floor at significant depths, which is usually around 656 feet.
The deepwater oil blocks are located in areas of water depth beyond 200 metres and extending up to 200 nautical miles seaward from the coasts of Nigeria, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
INVESTMENTS IN NIGERIA’S DEEPWATER OPERATIONS
Since Tinubu took office, there have been several new investments or expressions of interest in Nigeria’s deepwater acreage.
ExxonMobil, on September 26, 2024, announced plans to invest $10 billion in Nigeria’s deepwater oil operations.
On December 16, 2024, Shell Nigeria Exploration and Production Company Limited (SNEPCo) announced a final investment decision (FID) on Bonga north, a deepwater project off the coast of Nigeria.
On Monday, the NUPRC signed a deepwater production sharing contract (PSC) with TotalEnergies and South Atlantic Petroleum (Sapetro) for petroleum prospecting licences (PPL) 2000 and 2001.
Also, on August 1, Gbenga Komolafe, the chief executive officer (CEO) of NUPRC, said the country has cumulatively produced over 4.4 billion barrels from deepwater operations, with contributory efforts from Shell, ExxonMobil, TotalEnergies, Agip, and Chevron.
FG PUSHING FOR MORE DEEPWATER INVESTMENTS WITH INCENTIVES
Komolafe cited government incentives or ongoing interventions, including zero hydrocarbon tax on deepwater fields under the Petroleum Industry Act (PIA), as well as presidential directives 40, 41, and 42.
He said the federal government intend to increase oil output from Nigeria’s deepwater oil fields by 810,000 barrels per day (bpd) through a new cluster and nodal development initiative.
“We have identified over 20 key deep water assets such as Owowo, Nsiko, Bolia, Aparo, Bonga South West, Doro, Sheki, Akpo West, and others. While some may lack scale individually, they can become viable if developed together,” he said.
Already, Nigeria has attracted more than $8 billion in investments in deepwater projects and gas final investment decisions (FIDs) within one year, according to Olu Verheijen, special adviser on energy to Tinubu, on May 14.
PETROBRAS’ HISTORY IN NIGERIA
In November 2017, Petrobras led an effort to sell Petrobras Oil and Gas BV (Petrobras Africa), involved in two deepwater oil exploration blocks off the coast of Nigeria.
The blocks, Akpo and Agbami producing fields, were operated by Total SA and Chevron Corporation, respectively.
The Brazilian state-controlled firm had 50 percent of the company, in a joint venture with BTG Pactual E&P B.V.
In 2020, the firm sold its shares to Canada’s Africa Oil Corporation for $1.45 billion, exiting Nigeria and, by extension, the African continent.
However, in 2023, Petrobras’s interest in Africa was rekindled after the company announced the acquisition of stakes in three exploration blocks in São Tomé and Príncipe, an African island nation.
‘MORE JOBS, FOREIGN INVESTMENTS, AND EXPERTISE’
Speaking on the imminent return of the company to Nigeria, Ayodele Oni, partner at Bloomfield Law Practice, said Petrobras’s imminent return to Nigeria could have a big impact.
As one of the world’s leading oil producers, he noted, the company possesses the expertise and technology required to enhance Nigeria’s oil output.
“This could mean more jobs, not just within the company but also in areas like logistics, maintenance, and services connected to oil production,” Oni said.
“Moreover, Petrobras’s comeback could attract significant foreign investment, sparking infrastructure and technological development while giving Nigeria’s economy a nice boost.”
He said their know-how in offshore and deepwater drilling could help diversify Nigeria’s energy sector, making it more resilient to global market changes.
“In addition, their presence might lead to valuable knowledge and technology sharing. This could help local workers gain new skills and sharpen Nigeria’s technical abilities in the oil industry,” Oni said.
HOW NIGERIA CAN REMAIN ATTRACTIVE IN A COMPETITIVE MARKET
Oyeyemi Oke, partner at AO2law, described the prospect of Petrobras’ potential return to Nigeria as exciting.
However, Oke said it is necessary for Nigeria to be an attractive market in Africa to attract such deals, considering other jurisdictions are competing for investments into their oil and gas sector.
“For example, Petrobras in 2023 re-entered Africa through acquisitions of assets in São Tomé, which means there are other viable options in Africa and Nigeria should ensure investments are guaranteed from a security, returns and policy consistency perspective,” he said.
“Considering the proximity of Nigeria to São Tomé, it becomes commercially sensible for a firm like Petrobras to look at investing in Nigeria, but then again, this is highly subject to the economics of doing business in Nigeria, hence the need for Nigeria to up its game.
“While the nature of entry of Petrobras into the Nigerian market remains unclear at the moment, it is necessary to emphasise that any award of oil assets needs to comply with the provisions of the Petroleum Industry Act with respect to an open and transparent bidding process.”
He stressed that the government must ensure the bidding process complies with Nigerian law.
Additionally, Oke said there are other structures that may facilitate a quick entry into the Nigerian market, such as financial, management, and technical services agreements with government-owned petroleum oil companies.

What Petrobras’ Potential Return
The impending return of Petrobras, which recorded an oil and gas production average of 2.91 million barrels of oil equivalent per day (boed) in the second quarter of 2025, comes at a period when Nigeria is looking to meet a crude oil production target of 2.5 million barrels per day (bpd) by 2026, and 10 billion standard cubic feet (bscf) of gas per day by 2030.
In the last two years, Nigeria’s oil production has increased from 1 million barrels per day (bpd) in 2023 to 1.8 million bpd in 2025, according to Heineken Lokpobiri, minister of state for petroleum resources (oil), in July.
Also, NUPRC said gas production is up from 6.91 billion standard cubic feet per day (bscfd) in 2023 to 7.59 bscfd as of July 2025.
Crime
Navy Dismantles Illegal Refining Capacity, Destroys Site With 3 Storage Tanks in Rivers
Navy Dismantles Illegal Refining Capacity, Destroys Site With 3 Storage Tanks in Rivers
The Nigerian Navy, through FOB BONNY, has dismantled an illegal refining site discovered in Promise Land Community along Nanabie Creek, Bonny Local Government Area of Rivers State, further denying criminal operators the infrastructure required to process stolen crude oil.
Eereporter.com
The site was discovered on 30 September 2026 following credible intelligence and comprised one large cooking pot and 3 large storage tanks intended for illegal refining activities. On 2 October 2026, the Commanding Officer, FOB BONNY, Captain SMC Umeh, led a team to the location, where the illegal refining site and associated equipment were destroyed in accordance with established regulations.
The intervention represents a further disruption of illegal refining capacity within the Bonny area, particularly by removing infrastructure that could be used to process and store stolen crude oil. It also follows recent operations by FOB BONNY under Operation DELTA SENTINEL that uncovered substantial volumes of suspected stolen crude oil and associated illegal refining infrastructure within its Area of Operations

Oil
The Nigerian Navy has continued to strengthen surveillance and monitoring across the area to prevent the establishment or reactivation of illegal refining sites and deny criminal operators the infrastructure required to sustain crude oil theft and related activities.
ABIODUN FOLORUNSHO
Navy Captain
Director Naval Information
Nigerian Navy
Eereporter.com
Economy
NNPC Ltd Offers N66 Fuel Discount Throughout the Nation
NNPC Ltd Offers N66 Fuel Discount Throughout the Nation
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has unveiled a nationwide ₦66 fuel discount promotion for customers using the NNPC Fuel App.
Eereporter.com
In a post obtained from its X handle on Friday, the promotion, which runs from October 1 to 7, is being held across NNPC stations nationwide as part of activities marking the period.
“The ₦66 Discount Promo is ongoing & the excitement is already happening across our stations nationwide!
“All over Nigeria, our customers are getting in on the action & there’s still time for you to benefit!
The promo runs from 1–7 October on the NNPC Fuel App,” the post read.
NNPC said customers across the country have already begun participating in the promotion, with highlights from the first day showing activities at several stations.
“Keep fueling, keep transacting and keep your eyes on our pages,” the post read.

NNPC
NNPC also shared moments from the first day of the promotion and said more pictures and activities from stations across the country would be released.
The company urged customers not to miss the opportunity to participate before the promotion ends on October 7.
The ₦66 discount offer is available through the NNPC Fuel App during the stated promotional period.
Eereporter.com
Economy
President Tinubu Tells EFCC: You Have Justified my Confidence in You
President Tinubu Tells EFCC: You Have Justified my Confidence in You
President Bola Ahmed Tinubu has applauded the efforts and performance of the Economic and Financial Crimes Commission, EFCC, in tackling economic and financial crimes and other acts of corruption in the country, stressing that it has justified the confidence reposed on it.
Eereporter.com
He gave this commendation on Friday, October 2, 2026 in Awka, Anambra State at the commissioning of a new Zonal Directorate of the EFCC. The President pointed out that there are evidential proofs of the success of the Commission in convictions, recoveries and other landmark achievements
Represented by Honourable Tajudeen Abbas, Speaker, House of Representatives, Tinubu noted that “supporting the EFCC is not particularly difficult. The agency has consistently demonstrated that the confidence reposed on it is well founded. Without mincing words, the evidential proof of the EFCC’s success speaks loudly in convictions secured, assets and properties recovered”
He affirmed that the strides of the Commission are in tandem with the Renewed Hope Agenda of his administration.
“When we came in three years ago, I highlighted nine major focal areas of my administration. Two of which are reforming the economy for sustained and inclusive growth and promotion of good governance. The anti-graft agency compliments this agenda as they are focused on accountability and transparency and appropriate deployment of resources”, he said.
At the commissioning, the Executive Chairman of the EFCC, Mr. Ola Olukoyede restated the commitment of the Commission to preventive frameworks in tackling economic and financial crimes and other acts of corruption in the country.
According to him, the Commission will continue its focus on making corrupt practices difficult by blocking avenues through which they may happen.
“This new Directorate will not only enforce the law professionally and courageously, it will be high on corruption prevention. It will engage government institutions, businesses, financial institutions, professional bodies, schools, markets, civil society organisations, traditional institutions, religious bodies and communities. It will educate stakeholders, build relationships and mobilise the people to own the fight against all forms of corrupt practices in the zone”, he said
He assured Nigerians that the EFCC would not relent in the pursuit of its mandate, recalling the achievements of the Commission in the last 34 months and describing them as impressive progress.
“The pursuit of our mandate has been our dominant engagement and in the past few years, we have made impressive progress. Between October 2023 and July 2026, the Commission received 49, 673 petitions, investigated 39, 615 cases, filed 14, 476 cases in court and secured 10, 872 convictions. This gives a conviction-to-filing ratio of 75.1 percent. In the first half of 2026 alone, we recorded 1, 370 convictions from 1, 889 filings. The Commission also recorded recoveries of N1, 233, 612, 040, 411. 11, $684, 478, 457. 32, £373, 905. 78, €9, 343, 803. 66 inn addition to recoveries in other currencies”, he said.
He noted that at the institutional level, the Commission has made radical reforms that have been yielding optimal results as there are consequential improvements in the agency’s processes and procedures, which partly explains the impacts the EFCC has made and will continue to make in all the matrices of law enforcement.
“Reforms that have strengthened the Commission during the period include new guidelines on arrest and bail, a review of sting operations, the establishment of the Department of Fraud Risk Assessment and Control, the Security Department, the Immigration and Visa Section and the Cybercrime Rapid Response Centre”, he said.
While charging Ndi Anambra on whistleblowing, the anti-graft czar said that the Commission has established channels through which members of the public can submit petitions and provide information. He noted that the Commission’s Eagle Eye App allows citizens to provide details of suspected wrongdoing and makes the provision of an informant’s personal details optional. “However, whistleblowing must be responsible and based on facts. It must not become an instrument for settling scores”, he said.

EFCC
He thereafter said that Anambra and Imo States deserve effective and responsive institutional presence as they are renowned for enterprise, innovation, commerce and an extraordinary culture of industry, adding that these legitimate activities must be protected from fraud, cybercrime, money laundering, investment fraud, diversion of public resources and other forms of economic and financial crimes. “Therefore, our coming to Awka is beyond geographical expansion. It is about taking the mandate of the EFCC closer to the people and closer to the economic activities we are meant to protect”, he said.
In their remarks, His Excellencies, Professor Chukwuma Soludo, Governor of Anambra State and Senator Hope Uzodinma, Governor of Imo State said that they were pleased with the activities and management of the EFCC under the leadership of Olukoyede. They pledged their support to the Commission as it opened a new Zonal Directorate in their domain.
The commissioning of the new Directorate witnessed massive turn out of distinguished Nigerians, including members of the National Assembly, civil society organisations, community leaders, students, media among others.
Eereporter.com
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