In the early evening of Friday (14/8), Petrobras released a statement to the market informing that it had identified the “presence of hydrocarbons” in the Morpho exploratory well, which the company is drilling in the FZA-M-59 block, in Foz do Amazonas. The report was enough to generate headlines stating that the oil company “discovered oil” in Foz. It also made Amapá politicians happy, such as the president of the Senate, Davi Alcolumbre (União Brasil), who, according to CNN Brasil, stated: “We were right”.
Petrobras says it found signs of hydrocarbons in Foz do Amazonas
In the early evening of Friday (14/8), Petrobras released a statement to the market informing that it had identified the “presence of hydrocarbons” in the Morpho exploratory well, which the company is drilling in the FZA-M-59 block, in Foz...
It also made Amapá politicians happy, such as the president of the Senate, Davi Alcolumbre (União Brasil), who, according to CNN Brasil, stated: “We were right”. But a closer look at the statement, and statements by the president of Petrobras herself, Magda Chambriard, generated more doubts than certainties.
- Although the president of the Institute of Oil, Gas and Biofuels (IBP), Roberto Furian, was quick to declare that the report consolidated Foz as a “new exploratory frontier”, according to...
- After all, the report does not make it clear whether the material found is oil or gas, or whether it is commercially viable.
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But a closer look at the statement, and statements by the president of Petrobras herself, Magda Chambriard, generated more doubts than certainties. Although the president of the Institute of Oil, Gas and Biofuels (IBP), Roberto Furian, was quick to declare that the report consolidated Foz as a “new exploratory frontier”, according to g1, experts interviewed by Valor reiterate that the announcement is inconclusive. After all, the report does not make it clear whether the material found is oil or gas, or whether it is commercially viable.
Magda herself said, in a speech highlighted by Folha, that the discovery in Block 59 “is not yet commercial”. Work on Morpho continues – the company announced earlier this month that the well would be completed between the end of August and the beginning of September. That's why Friday's announcement was surprising. It appears to have been tailor-made to strengthen political speeches favorable to the exploration of Foz do Amazonas on the eve of the start of the campaign for the October 2026 elections.
Magda conditioned the announcement of Block 59's commerciality on the drilling of three more wells. Petrobras has already asked IBAMA for a license for these new drillings, and is awaiting authorization from the environmental agency. In fact, drilling a single well is not enough to define whether the volume found is commercial or not. But, again, it is surprising that the statement about Morpho only mentions “hydrocarbons” – the presence of which was verified through electrical and indicative rock profiles, according to the company – and that from then on the Brazilian oil industry and local and national politicians made such a fuss.
By way of comparison, when Petrobras announced to the market the discovery of Tupi, the first large pre-salt field in the Santos Basin, on July 11, 2006, the oil company reported that it found “light oil” in the area. And if the focus is the Equatorial Margin – the region of the coast that goes from Rio Grande do Norte to Amapá -, on December 17, 2013, the company announced the “discovery of an accumulation of oil” in block BM-POT-17, in deep waters off the coast of Rio Grande do Norte, in the well called Pitu.
In an interview with Globonews, Magda celebrated the rather preliminary – and inconclusive – results from Morpho and has already made calculations about production in the area, despite not knowing what is there, and in what quantity. According to the president of Petrobras, Amapá will be producing oil in commercial quantities in ultra-deep waters in six or seven years – that is, between 2032 and 2033.
This is not the assessment of the former president of the oil company, Jean Paul Prates, made to CNN Brasil. Even praising the announcement, Prates explains that “hydrocarbon” can be oil, gas, oil with associated gas or condensate – light, liquid oil that forms when the hydrocarbon vapors present in the gas liquefy due to drops in temperature and pressure at the surface. Defining this will be crucial to knowing the future of Block 59.
If everything goes well and the presence of oil and/or gas on a commercial scale is confirmed, Prates calculates that the first oil would only be produced from 2034 onwards, if licensing is expedited. If not, production would only take place between 2035 and 2038.
But, due to the complexity of Foz do Amazonas – Petrobras itself pointed out problems with the currents in the region, which made drilling at Morpho difficult and caused the leak of 18,000 liters of drilling fluid – the start of production could be even further away, says Prates. After all, he remembers that, with declared commerciality, there will be oil extraction, which will require more care. As a result, Prates estimates that the first oil from Block 59 would only be extracted between 2039 and 2042.
It is worth remembering that projections by the International Energy Agency (IEA) indicate that the demand for oil in the world will reach its peak by 2030. With the war in the Middle East destroying the “energy security” associated with fossil fuels, its consumption may reach its peak before then, and fall more quickly than previously estimated. This further increases the risk of Foz do Amazonas becoming a stranded asset for Petrobras and being a loss for the country, as shown in a study by WWF-Brazil.
In time: Because of the “hydrocarbons” in Block 59, President Lula will go to Amapá this Monday (17/8), according to Folha. The idea is to reinforce the discourse of national sovereignty, with the “discovery” at Foz do Amazonas. With the president of the Senate, Davi Alcolumbre (União Brasil-AP), the president of Petrobras, Magda Chambriard, and the governor of Amapá, Clécio Luís (União Brasil), candidate for re-election, Lula will visit the drill ship NS-42 (ODN-II), from Foresea, which is drilling the Morpho well. Also according to Folha, the government is working so that, on the same day of the visit, IBAMA announces the authorization for the three additional wells – PAD-Morpho, Manga and Crotalus -, which Petrobras wants to drill in the area.