The director of Exploration and Production at Petrobras, Sylvia dos Anjos, warned in an interview with the newspaper “O Globo” that Brazil runs the risk of losing self-sufficiency in oil in less than ten yearswithout discoveries of large volumes. According to her, pre-salt production, which accounts for more than 80% of the state-owned company’s reserves, will begin to decline from 2029 or 2030.
Dos Anjos defends the exploration of the Equatorial Margin, a region that extends from Rio Grande do Norte to Colombia, as a crucial measure to avoid this scenario. She argues that the region has the potential to house large oil reserves, similar to the Campos Basin, where production peaked in 2009. Petrobras has already found oil in areas of the Equatorial Margin in Rio Grande do Norte, Ceará and Colombia , in addition to having drilled more than 60 wells in the region.
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However, the project is facing difficulties in obtaining an environmental license from Ibama. The director states that the state-owned company has been committed to meeting the agency’s requirements, investing in safety and environmental protection measures, such as the creation of wildlife depetrolization centers in Belém and Oiapoque.
The delay in releasing the license has generated apprehension at Petrobras, which has already invested hundreds of millions of dollars in exploring the Equatorial Margin. Of the US$7.9 billion planned for investments in exploration, more than US$3 billion are destined for the region.
While awaiting Ibama’s decision, the state-owned company has turned its attention to other areas, such as the Pelotas Basin, in the south of the country, and Africa, where promising opportunities arise. Sylvia dos Anjos highlighted the interest of countries such as South Africa, Namibia, Angola, Ghana, Guinea, Congo, Mauritania, Mozambique and Tanzania in attracting investments from Petrobras.
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The director also highlighted that the rise in the dollar, quoted at R$6, will impact Petrobras’ financial results in the quarter, but will not harm ongoing projects.
