Energy stocks have had a mixed start to the year as ongoing geopolitical uncertainties and fluctuating oil prices continue to affect the sector. One chief investment officer, however, sees potential in oil, naming one immediate and one longer-term investment opportunity. “I think there is a big opportunity in geopolitics,” Jevons Global’s Kingsley Jones told CNBC’s Pro Talks on Jan. 25, saying he “really” likes Petrobras , a Brazilian state-run petroleum company that trades on both the Brazilian and New York Stock exchanges. “It’s [a] deepwater oil play, very long life there. Great assets,” he said. The company – like many others in Brazil – has felt the pressure of political issues , but Jones believes the situation has “stabilized” and the stock offers “pretty good yield play.” Petrobras’ annual dividend yield currently stands at over 15% . Jones added that he sees Petrobras as one of the “last folks standing” in oil, as the focus turns to more sustainable energy sources. “Europe needs oil. Some of that is going to come from Brazil,” he said. “We think that there will be some players that will [be the] last folks standing in that game, and we think Petrobras will be one of those.” Over the last 12 months, shares in Petrobras are up around 60%. Of 10 analysts covering the stock, eight give it a buy rating with an average price target of 39.48 Brazilian Real ($8.03), giving it downside potential of around 2.4%, according to FactSet data. Longer-term play A longer-term play on Jones’ radar is Australian petroleum player Woodside Energy , which trades on the Australian and London Stock Exchanges as well as the Nasdaq. The company announced last December that it is in talks with fellow Australian petroleum company Santos over a potential merger that would create an 80 billion Australian dollar ($52 billion) oil and gas behemoth. “I don’t think that’s going anywhere in the near term,” Jones said. “But we do like that longer term.” As a shareholder, he said he did want to deal to go through “at the right price.” “If it gets consolidated under one roof, in some ways, that management of that issue becomes, shall we say, easier,” he added. Shares in Woodside Energy were down around 10% in the last 12 months. Of 13 analysts covering the company, eight have a buy or overweight rating on the stock at an average price target of 33.20 Australian dollars, giving it upside potential of around 3%, according to FactSet data.