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Petrobras finds oil near the Amazon coast as Brazil backs drilling
The Morpho-1 discovery is at Block FZA-M-59, about 180 kilometers off Amapa state, and Petrobras says recoverable hydrocarbon volumes have not yet been determined.
Brazil’s state-run Petrobras announced it has found oil at the Morpho-1 well in Block FZA-M-59 near the mouth of the Amazon River, highlighting the discovery as a long-term energy opportunity, according to OilPrice.
Petrobras CEO Magda Chambriard said the company’s studies indicate substantial potential, and that the results confirm its earlier findings, while adding that it is still too early to determine the volumes of recoverable hydrocarbons.
Brazilian President Luiz Inácio Lula da Silva described the find as a “passport to the country’s future,” using the discovery to support continued oil and gas drilling plans in ecologically sensitive Amazon regions.
OilPrice also notes the political challenge for Lula’s administration as it weighs potential oil revenue against stated climate goals ahead of October general elections.