President of Petrobras says Amapá will produce oil in ‘ultra-deep’ waters within seven years

President of Petrobras, Magda Chambriard at the Petrobras refinery Gabriel Passos (REGAP) Washington Alves/Reuters The president of Petrobras, Magda Chambriard, stated this Saturday (15) in an interview with Globonews that Amapá will be producing oil in ultra-deep waters within seven years. Petrobras announced this Friday (14) that it found hydrocarbons in an exploratory well in the Foz do Amazonas basin, on the coast of Amapá. The discovery indicates the presence of oil or natural gas in the region. "Once this size is defined, we start to define the development project that we are going to undertake. So, I imagine that Amapá could have oil being produced in ultra-deep waters within six or seven years," he stated. Exploration in the region is part of Petrobras' strategy to replenish its fuel reserves and guarantee the country's supply during the transition process to cleaner energy. Petrobras is the sole owner of the area and operates the site exclusively. The exploration right was purchased in 2013, in an auction promoted by the National Petroleum, Natural Gas and Biofuels Agency (ANP). Magda stated that the discovery is "absolutely relevant", because Brazil could start importing oil again in the coming years if reserves were not replenished. "This discovery in Amapá represents all of this. It represents Brazil's maintenance as a geopolitically important hub in the world of oil in the next decade as a whole," he said. Morfo Well The Morfo well is located 175 km off the coast of the state of Amapá, and below a water depth of almost 3 thousand meters, 500 km from the mouth of the Amazon River. According to experts, the presence of hydrocarbons means, in practice, that Petrobras discovered oil in the region. Petrobras stated that its operations in the region are carried out safely and with respect for the environment and people. The statement from the state-owned company also said that the action is part of the strategy to rebuild the company's reserves and guarantee the fulfillment of national demand during the fair energy transition. In a statement, the Brazilian Petroleum Institute said that the discovery is very important because it confirms that Brazil has very positive prospects for oil and gas production in other regions, which reinforces national energy security in the medium and long term.