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Economy

Petrobras confirms oil discovery in Foz do Amazonas, on the coast of Amapá

Oil exploration on the coast of Amapá Petrobras/Disclosure Petrobras is holding a press conference this Monday (17) to provide more details on the discovery of oil in the Morpho well, in the Foz do Amazonas basin, on the coast of Amapá....

By 365 Breaking News Editorial Team 3 min read
Petrobras confirms oil discovery in Foz do Amazonas, on the coast of Amapá
365 Summary

The interview takes place directly from Oiapoque (AP), after the visit of President Luiz Inácio Lula da Silva (PT) to the drilling ship carrying out deep water drilling. "This pre-salt will have a production peak around 2034 and 2035, and we need to replenish reserves to maintain Brazil's position among the ten largest oil producers on the planet.

  • The president explained that the well should be completed in the next 15 to 20 days - the rig will determine exactly when drilling ends.
  • "But we still need to define the discovery, find out how much oil actually exists in this area," he said.

Editorial reading aid based only on information contained in this story and its identified source.

Oil exploration on the coast of Amapá Petrobras/Disclosure Petrobras is holding a press conference this Monday (17) to provide more details on the discovery of oil in the Morpho well, in the Foz do Amazonas basin, on the coast of Amapá. Magda Chambriard, president of the company, added that the total volume is not yet known. The interview takes place directly from Oiapoque (AP), after the visit of President Luiz Inácio Lula da Silva (PT) to the drilling ship carrying out deep water drilling. "This pre-salt will have a production peak around 2034 and 2035, and we need to replenish reserves to maintain Brazil's position among the ten largest oil producers on the planet. Today we are seventh," said Chambriard. The president explained that the well should be completed in the next 15 to 20 days - the rig will determine exactly when drilling ends. "But we still need to define the discovery, find out how much oil actually exists in this area," he said. Last Friday (14), the state-owned company announced that it had identified hydrocarbons in the FZA-M-59 block, approximately 175 kilometers off the coast of Amapá and in a water depth of 2,886 meters. The discovery represents the first sign of oil or natural gas on the coast of Amapá and marks an advance in the exploration of the Brazilian Equatorial Margin. Equatorial Margin where the Foz do Amazonas Basin is located Petrobras/publicity What will Petrobras do with the discovery? According to Petrobras, the hydrocarbons were identified through electrical profiles and rock samples collected during drilling. "Drilling operations remain ongoing, aiming to continue the exploratory assessment, in a safe manner and with respect for the environment and people", says the company. The company is the sole operator of the FZA-M-59 block, acquired in the 11th Bidding Round of the National Petroleum, Natural Gas and Biofuels Agency (ANP), in 2013. In a statement, the Brazilian Institute of Petroleum, Gas and Biofuels (IBP) stated that the "discovery is significant not only for identifying the presence of oil, but for indicating the possibility of exploration and production in a new frontier in the far north of the country." Furthermore, IBP assesses that the discovery reinforces "national energy security in the medium and long term". The find is part of a broader exploratory campaign: the 2026-2030 Business Plan foresees the drilling of 15 wells in the Equatorial Margin, with US$2.5 billion in investments in the region. The next steps The current phase is exploratory assessment and seeks to answer, mainly, two questions: What is the volume of hydrocarbons in the reservoir; Whether accumulation is economically viable for production. The expectation is that the press conference will bring updates on the progress of drilling, upcoming technical studies and the schedule of the exploratory campaign.