The Brazilian energy company Petrobras $PETR3 (-1,16%)
$PETR4 (-0,55%) wants to acquire shares in African oil reserves, particularly in Angola, Namibia and South Africa, in order to increase its reserves The company expects production volumes to decline after 2030, according to a senior executive.
The Brazilian state energy company is currently in talks with companies including existing partners ExxonMobi, Shell and TotalEnergies to acquire a stake in their African assets, Sylvia dos Anjos, the company's director of exploration and production, told Reuters on the sidelines of the India Energy Week conference.
Petrobras hopes to produce 2.8 million barrels per day (bpd) in 2025 and plans to increase that to 3.1 million bpd by 2029, dos Anjos said.
The company is happy with current oil prices as its projects are "sustainable at a very low price of $45 per barrel," she added.
Global benchmark BrentLCOc1 snapped a three-day winning streak today, hovering near $77 a barrel, weighed down by higher U.S. crude inventories and concerns that U.S. trade tariffs could hurt the global economy.