Brazil’s Lula hails new oil find as ‘passport to the future’

Brazilian President Luiz Inacio Lula da Silva celebrated the discovery of oil near the Amazon coast on Monday, describing it as a "passport to the future." Despite opposition from environmentalists, Lula insisted the find would benefit the nation.

Oil major Petrobras announced the identification of hydrocarbons off the coast of northern Amapa state, nearly a year after beginning drilling. The majority state-owned firm started exploration after a five-year process to secure an environmental permit.

Lula, dressed in a Petrobras orange jumpsuit, brandished a sample of the crude oil and joked that he would keep it in a chest, praising its quality and aroma. The veteran leftist acknowledged his commitment to eventually reducing reliance on fossil fuels to combat climate change, but emphasized the necessity of oil revenues for funding the transition to clean energy and securing energy independence.

The oil was discovered in the Equatorial Margin, a maritime region approximately 175 kilometers (110 miles) off the Amazon coast. Petrobras president Magda Chambriard stated that further drilling would be required to ascertain the field's size, with an estimated 15 to 20 more days to go.

Environmentalists have long warned that burning fossil fuels is the primary driver of global warming, and that drilling could harm a region teeming with biodiversity, located off the coast of the world's largest rainforest. Lula, 80, is seeking a fourth non-consecutive term in the upcoming October elections.