Petrobras: oil discovery in the Morpho well, in the Foz do Amazonas basin

Petrobras today confirmed the discovery of oil in the Morpho well, in the Foz do Amazonas basin, the mouth of the Amazon River, one of the five areas of the so-called Brazilian Equatorial Margin. The well, drilled in ultra-deep water, is located approximately 175 kilometers off the coast of the state of Amapá, at a depth of 2,886 meters. Petrobras is the operator of the FZA-M-59 block and holds 100% of the stake.

The discovery comes as the company must replenish its reserves, which at current production rates could run out in just over ten years. According to estimates from the National Petroleum Agency (PNA), the Foz do Amazonas alone could contain around 30 billion barrels.

Confirmation of the presence of oil in the new frontier could support new investments and strengthen the prospects of the Brazilian oil industry. The prospect of new drilling in the Equatorial Margin, however, is contested by environmentalists, who denounce the risks to marine and Amazon ecosystems and call for greater caution in the expansion of the Brazilian oil industry.