Petrobras confirms oil off the Amapá coast but cannot yet estimate the volume

Brazil's state-owned oil company Petrobras announced on Monday the discovery of oil in an exploratory well located in deep waters off the coast of Amapá state. Company leaders, including CEO Magda Chambriard, confirmed the discovery but cautioned that the exact volume of oil cannot be estimated at this time. President Luiz Inácio Lula da Silva attended the announcement event in Oiapoque alongside Chambriard.

Chambriard stated that approximately 1,000 meters of drilling remain to reach the bottom of the well, with completion expected within 15 to 20 days. Following this, a delimitation phase will be conducted to determine the reservoir's extent and recoverable volume. Petrobras operates this well, Block FZA-M-59, which it owns entirely, having acquired it in 2013 through Brazil's bidding process.

The company has invested around $3 billion in exploratory activities in the region since August of last year, with daily operating costs nearing $1 million. The area, known as Brazil's Equatorial Margin, is part of the same geological province as fields discovered in neighboring countries like Guyana and Suriname, attracting industry interest.

While the discovery is significant, Petrobras emphasized that it does not change Brazil's commitment to renewable energy, as President Lula reiterated the country's dedication to biofuel innovation alongside continued investment in new oil areas.