Petrobras Commits BRL 3.3 Billion to Four Foz do Amazonas Wells Before Viability Is Proven

Petrobras will spend BRL 3.3 billion drilling four wells in the Foz do Amazonas basin to establish whether oil in the region is commercially viable. The figure was submitted to Ibama, the body responsible for environmental licensing of the project, in documents sent in July and August.

The spending is committed ahead of any confirmed reserve. Petrobras identified hydrocarbons on Friday in the exploratory well of block FZA-M-59. The result is an indication of oil or natural gas but does not yet allow the size or economic viability of any reserve to be determined. The company classified its own announcement of hydrocarbons in the well currently being drilled as preliminary.

Drilling of the Morpho well, in deep water off Amapa, should finish within the next 15 to 20 days, company president Magda Chambriard said at a press conference. The well sits roughly 175 kilometres from the Amapa coast in water about 2,886 metres deep. Petrobras began drilling Morpho in October 2025 after securing Ibama authorisation.

Morpho alone costs BRL 842.8 million to drill. With environmental impact set at 0.5%, estimated compensation for the project totals BRL 16.5 million, of which BRL 4.2 million relates to Morpho.

The licensing path for the rest of the programme is not clear. Ibama has not yet authorised drilling of the adjacent wells and has requested additional information before granting the licence.

Chambriard said the next step is to delimit the occurrence identified in order to determine how much oil or gas is present in the area. "Temos petroleo, temos descoberta. Nao sabemos quanto ainda. Vamos continuar explorando, e o futuro vai dizer quanto o Amapa tem a oferecer," she said.

The wider ambition runs beyond the four wells now funded. Petrobras said it intends to drill 15 wells in the Equatorial Margin, including new activity in Amapa.

That margin is the frame for the whole exploration case. The Foz do Amazonas forms part of the Brazilian Equatorial Margin, a band of more than 2,200 kilometres running from Amapa to Rio Grande do Norte and grouping five sedimentary basins. The acreage itself is long-held: block FZA-M-59 was acquired by Petrobras in the 11th ANP licensing round, held in 2013, under the concession regime. The state-controlled company is operator and holds a 100% interest in the area.

Full ownership matters for how the capital risk sits. With no partner carrying a share of the well cost, Petrobras absorbs the entire BRL 842.8 million spend on Morpho, and the entire BRL 3.3 billion four-well programme, against a result that so far only indicates hydrocarbons rather than a sized reserve. The regulatory gate is separate from the geological one: the additional information Ibama has requested stands between the company and the adjacent wells regardless of what Morpho ultimately shows.

The reporting on the BRL 3.3 billion commitment was published on the 8MN portal on August 16, 2026, signed by Luna, with Bahia Noticias given as the source.