Petrobras announced on Wednesday (Sep. 23) that it had signed a memorandum of understanding for strategic cooperation in the oil and gas sector in Mozambique, a country on the southeast coast of Africa.

The agreement was signed with the National Hydrocarbons Company (ENH), the Mozambican government’s commercial arm for oil and gas exploration, production, processing, marketing, and distribution.

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Among the document’s objectives are joint efforts in studies, evaluation, development, and marketing, as well as the exchange of knowledge and technical expertise. The agreement is valid for two years and may be extended.

Focus on natural gas

Mozambique, a country with a population of about 30 million, shares with Brazil the legacy of having been a Portuguese colony, which explains why the two countries speak the same language.

According to the National Petroleum Institute of Mozambique, a state agency, the country stands out as a major source of liquefied natural gas (LNG).

Foreign companies are already operating in the country, including France’s TotalEnergies, US-based ExxonMobil, China National Offshore Oil Corporation (CNOOC), China National Petroleum Corporation (CNPC), Italy’s Eni, Portugal’s Galp, and South Africa’s Sasol.

Petrobras in Africa

This week’s move marks another step by Petrobras toward strengthening its presence on the African continent.

The state-owned company operates in Ivory Coast, Namibia, São Tomé and Príncipe, and South Africa. In August 2026, it began negotiations for exploration blocks in Ghana, on the west coast of Africa.

This expansion into Africa marks a return to the region. In the early 2000s, the company operated in countries such as Nigeria, Tanzania, Angola, Benin, Gabon, and Namibia, but those stakes were later sold.

In addition to Brazil and Africa, Petrobras operates in Argentina, Bolivia, Colombia, and the United States.

In the first half of 2026, Petrobras achieved the highest profit margin among a group of major international oil companies, surpassing giants such as Saudi Aramco and the US companies ExxonMobil and Chevron.

The numbers can be found in a study released Wednesday (Sep. 16) by the United Federation of Oil Workers (FUP), which brings together unions representing more than 105,000 workers in the oil industry. The survey is coordinated by economist Cloviomar Cararine of the Inter-Union Department of Statistics and Socioeconomic Studies (Dieese), a research institution linked to the labor movement.

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The study compares the financial results of major oil companies since 2020. This is the first time Petrobras has topped the profit margin rankings.

Margin vs. profit

Profit is the amount of money left over for the company after costs, expenses, and taxes have been deducted. Profit margin, on the other hand, gauges the company’s efficiency by showing what proportion of revenue (total sales – such as fuel, crude oil, and petroleum products) actually turns into profit.

For example, if a company has a net margin of 15 percent, it means that for every BRL 100 in sales, BRL 15 remains as net profit for the business after all costs, expenses, and taxes have been paid.

In the Dieese ranking, Petrobras tops the list, with a margin of 29.15 percent in the first half of 2026. During that period, the Brazilian state-owned company reported net income of BRL 85.1 billion.

The profit margins of the major oil companies surveyed are as follows:

• Petrobras – 29.15 percent;
• Saudi Aramco – 25.48 percent;
• Chevron – 18.01 percent;
• ExxonMobil – 16.33 percent;
• BP (UK) – 14.83 percent;
• Equinor (Norway) – 12.84 percent;
• Shell (Anglo-Dutch) – 9.94 percent;
• TotalEnergies (France) – 9.44 percent.

From 2020 through 2025, Saudi Aramco had the highest profit margin. In all of those years, Petrobras ranked second, with the exception of 2024.

The data are based on information disclosed by the companies themselves. The researcher did not include Chinese companies, such as Sinopec and PetroChina in the tracking.

Factors behind efficiency

The economist believes this unprecedented result reflects the company’s “high operational efficiency.”

The performance, he added, was sustained by increased production, rising international oil prices (a result of the war in the Middle East), reduced overhead costs, and the fact that it remains an integrated company that both produces and refines oil.

Cloviomar Cararine argues that this combination gives Petrobras a greater ability to weather crises than its international competitors.

In the second quarter of 2026, Petrobras’ oil and natural gas production reached an all-time high, totaling a daily 3.34 million barrels of oil equivalent (boe, a unit derived from converting natural gas into oil energy equivalent, which allows the two products to be combined).

About 30 percent of what was produced was sold overseas (996,000 barrels per day).

The company also set an all-time record for the refinery utilization factor, reaching 101.2 percent. The higher it is, the closer the refineries are operating at full capacity.