Amount will be executed until 2029; state oil company wants to drill 15 wells in the northern region of the country
The company will invest US$3 billion in exploratory activities in the Equatorial Margin until 2029. According to the company’s strategic plan for the next five years, the state oil company plans to drill 15 wells in the region that comprises the north coast of Brazil.
Exploratory activities are the 1st phase of investigation in a basin and seek to evaluate the commerciality of reserves in a given field. If this is confirmed, the company moves on to the production phase. In total, the state-owned company reserved US$7.9 billion for exploration projects.
The Equatorial Margin, seen as Petrobras’ new energy frontier, will receive 38% of the amount allocated for exploration. The basins in the South and Southeast regions will receive 48% of the total investment, while projects on land and abroad will receive 22% of the amount.
The company plans to drill 51 new wells by 2029.
Destinations of Petrobras’ investments in oil and gas exploration in the period 2025-2029
Petrobras began exploring the Equatorial Margin at the end of last year. The oil company received authorization from the (Brazilian Institute of the Environment and Renewable Natural Resources) to drill 2 wells in the Potiguar block.
The state-owned company is also targeting an exploratory operation in the Foz do Amazonas block, the closest to Guyana, which has already explored large oil reserves in the region. Ibama has not yet authorized Petrobras to drill in this block.
The Equatorial Margin comprises the entire coastal strip to the north of the country. It got its name because it is close to the Equator. It starts in Guyana and extends to Rio Grande do Norte. The Brazilian portion is divided into 5 sedimentary basins, which together have 42 blocks. They are:
- Foz do Amazonaslocated in the States of Amapá and Pará;
- Pará-Maranhãolocated in Pará and Maranhão;
- Barreirinhaslocated in Maranhão;
- Cearálocated in Piauí and Ceará;
- Potiguarlocated in Rio Grande do Norte.
