Brazilian state-controlled oil company Petrobras is assessing the possibility of carrying out fresh investments throughout South America.
The signalling of a possible to return to regional investments came as Brazilian President Luiz Inacio Lula da Silva this week hosted an international summit with 10 regional leaders to debate a multitude of topics, including hydrocarbons production and the energy transition.
Petrobras chief executive Jean Paul Prates met with Bolivian President Luis Arce to discuss the future of oil and gas exploration in the continent.
“We want to revisit neighbouring countries such as Bolivia, Venezuela and Guyana and discuss some points including contractual terms, new potential for oil and gas exploration and the preparation of companies for the energy transition,” said Prates.
Prates has said in the past that Petrobras would be looking at participating in the forthcoming Guyana offshore bid round, due to take place on 15 July, after the company failed to obtain an environmental licence to drill a high-profile exploration well in the Foz do Amazonas basin.
Guyana will offer 14 offshore blocks in the competitive round, including 11 shallow-water tracts and three deep-water permits, which together may hold more than 25 billion barrels in potential hydrocarbons resources.
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Guyana President Mohamed Irfaan Ali attended the summit, as well as Venezuelan counterpart Nicolas Maduro, who visited Brazil for the first time in nearly eight years.
In 2019 when then Brazilian president Jair Bolsonaro started his four-term, he broke diplomatic relations with Caracas, banned Maduro from entering the country and recognised opposition leader Juan Guaido as Venezuelan president.
Under Lula, the Brazilian government reopened its embassy in Caracas and Venezuela has appointed a new ambassador to Brazil.