Brazil's Petrobras makes new oil discovery off the coast of Amapa
PBR•Petrobras said it found an oil-bearing interval in the Morpho well in block FZA-M-59, off Amapa state in ultra-deep waters. The discovery follows hydrocarbons identified in the block in August.
1. New discovery
Petrobras said in a securities filing that it found an oil-bearing interval in the Morpho well, marking a new discovery in block FZA-M-59, off Amapa state.
2. Further drilling planned
The company recently announced plans to drill three more wells in the area starting in January to assess whether commercial production is viable. Petrobras CEO Magda Chambriard said last week that drilling of the first well in the region was expected to conclude in the coming days.
3. Regional context
Petrobras described the equatorial margin as its most promising new oil frontier. The company said oil found in August was of good quality; the region shares geological similarities with offshore Guyana, where ExxonMobil is developing fields.
