Petrobras and ENH, the national oil companies of Brazil and Mozambique respectively, have signed a memorandum of understanding, establishing cooperation in oil and gas assessment and development. The agreement coincided with Mozambican President Daniel Chapo’s visit to Brazil, where he spoke at Rio Oil & Gas 2026.
“We are not looking only for suppliers. We are looking for partners”, said Chapo, pointing to Brazil’s expertise in deepwater operations, subsea systems, large-project engineering, manufacturing, offshore logistics, maintenance, and supply chain development. Chapo framed the agreement as part of a broader push to industrialise Mozambique, which would benefit from Petrobras’ technology and international experience.
For Petrobras, the agreement is also timely, as the company looks to expand activities internationally to replenish reserves. In June, Petrobras also signed an agreement with Mexico’s Pemex to assess exploration and development opportunities in the deepwater and ultra-deepwater Gulf of Mexico. It also announced offshore discoveries on Brazil’s Amapá Coast and in Colombia in August. Recently, Petrobras also redeemed USD 1.08 billion in its outstanding bonds using cash on hand.
Mozambique’s energy projects currently in development represent roughly USD 50 billion in investment value. In June, the country adopted new petroleum law, meant to provide legal predictability, fiscal stability, regulatory transparency, and investor protections. It also sets a minimum 25% domestic quota for oil and gas output, earmarked for electricity generation.
Source: theenergyyear.com