Petrobras announces new oil discovery off Amapa coast

Petrobras: Petrobras is Brazil's state-controlled oil and gas company focused on exploration, production, and refining activities. It is actively advancing frontier exploration in the Equatorial Margin, including the Foz do Amazonas basin off the coast of Amapa. The company recently announced a new oil discovery in the Morpho well in block FZA-M-59, building on an earlier find in August. Magda Chambriard: Magda Chambriard is the CEO of Petrobras, leading the company's strategy in exploration and production. She has recently provided updates on drilling timelines in the Foz do Amazonas region and emphasized efforts to replenish reserves through new discoveries in frontier areas. Drilling Plans: The company has received authorization to begin drilling three additional wells in the Foz do Amazonas area starting in January to assess commercial viability while prioritizing operational and socio-environmental safety. Frontier Exploration: Petrobras considers the Equatorial Margin its most promising new oil frontier, with the Foz do Amazonas basin sharing geological characteristics with prolific offshore developments in Guyana.