Petrobras Discovers Oil Off Amapá Coast, Volume Yet to Be Determined

Petrobras has confirmed the discovery of oil in the Morpho exploratory well, located deep within the Foz do Amazonas basin off Brazil's Amapá coast. While the state-controlled company has acknowledged the presence of hydrocarbons, it has refrained from estimating the quantity or commercial viability of the find.

Chief Executive Magda Chambriard made the announcement during an event in Oiapoque, attended by President Luiz Inácio Lula da Silva. "There is oil, there is a discovery. We still do not know how much," she stated, elaborating that approximately 1,000 meters remain to be drilled before reaching the well's bottom. This operation is projected to be completed within the next 15 to 20 days.

The Morpho well, positioned about 175 kilometers offshore and at a depth of 2,886 meters, is operated entirely by Petrobras, which holds a 100% stake in block FZA-M-59. This block was acquired during the 2013 bidding round of Brazil's National Petroleum Agency. Since the commencement of the exploratory campaign in August 2022, Petrobras has invested around $3 billion in the venture, incurring daily operational costs of nearly $1 million.

The Brazilian Institute of the Environment had previously delayed the licensing for drilling in this basin, only granting permission in October 2025. Following the current drilling, Petrobras intends to explore three additional wells within the block and five more in nearby areas, pending environmental approvals.

Highlighting the significance of this discovery, President Lula emphasized that while Brazil is making strides in oil exploration, the nation will continue its commitment to renewable energy and biofuels. The Brazilian Equatorial Margin is believed to contain around 200 billion barrels of recoverable oil, potentially positioning Brazil among the world's top three holders of oil reserves, alongside Venezuela and Saudi Arabia.

Source: en.mercopress.com