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Petrobras confirms oil discovery off Brazil’s Amazon coast
Petrobras began drilling the Morpho well in October 2025, investing $300 million so far, and expects to finish in 15 to 20 days.
Petrobras has confirmed an oil discovery in Brazil’s Foz do Amazonas basin, off the coast of Amapá state, in ultra-deep water, according to Mining.com. The company made the find at the Morpho exploration well in the FZA-M-59 block, about 175 km offshore.
Petrobras said the presence of hydrocarbons supports its view that Brazil’s Equatorial Margin area could help replenish the country’s reserves as output from mature regions eventually declines. The outlet reported that the region may hold 10 billion barrels of oil, with a potential value of about $720 billion.
Drilling started in October 2025, Petrobras has invested $300 million in the Morpho well, and about half of that spending went toward environmental protection, Mining.com reported. The company said drilling costs about $1 million a day and expects to complete the well within 15 to 20 days.
The discovery comes as environmental and Indigenous groups have sued to halt exploration, arguing licensing failed to consult traditional communities and underestimated spill and climate risks, Mining.com added. Brazil’s President Luiz Inácio Lula da Silva visited the drilling vessel and called the find a “passport to the country’s future,” framing it as economic opportunity without abandoning the government’s longer-term energy transition goals.