Petrobras said today (02/10) that it found oil in ultra-deepwater off the coast of Amapá state. It is in Brazil’s Equatorial Margin.
The company said the well sits about 175 to 180 km from shore, or roughly 109 to 112 miles. It is in water that is around 2.9 km deep.
Petrobras added that the results back up that oil is present. Still, it said there is not enough data yet to judge how big the potential reserve could be or what the quality is like.
Next, the firm plans to finish the drilling. After that, it will review the rock layers it identified. It will also follow its safety rules and environmental procedures.
This came after a prior oil discovery in the same area. Petrobras noted that early checks at that time pointed to oil that was of good quality.
The company says this work supports Petrobras as it looks for fresh spots to drill, since output from Brazil’s pre-salt area is expected to fall sometime between 2030 and 2035.
At the start of the day, Petrobras stock on the New York exchange was down by almost 2% as world oil prices slid. After the update was released, the shares moved nearer to even.
Big international oil firms are taking a closer look at offshore options in Brazil. Exxon Mobil said it will put about $3 billion into its operations there, with a focus on pre-salt. Other outside players are also watching the Equatorial Margin, an area that includes neighboring Guyana, which has reported several major oil finds.
