Petrobras Targets Africa as Its Main Exploration Area Outside Brazil

Petrobras aims to make Africa its main region of development outside Brazil, the state-run oil giant's CEO told Reuters on Thursday during a wide-ranging interview about the company's strategy.

Ivory Coast has extended the "red carpet" for Petrobras to explore deep and ultra-deep waters off its coast, when it gave the company preference in buying nine offshore exploratory blocks on Wednesday, said Petrobras CEO Magda Chambriard

She added that Nigeria, Angola, and Namibia have also expressed interest in working with the Brazilian giant.

"We are experts in the eastern margin of Brazil," said Chambriard, citing geological similarities between the region and Africa. "The correlation between Brazil and Africa is unequivocal, so we need to go to Africa."

In recent years, Petrobras has shown an interest in buying stakes in oil assets abroad, especially in Africa, as it looks to boost reserves while it faces delays in obtaining environmental permits to drill for new oil off the coast of the Amazon rainforest.

Petrobras is also seeking to explore India's coast, taking part in an upcoming oil block auction scheduled for July, Chambriard said.

Petrobras' plans mark a return to the African continent after the company divested assets in the region under previous