Brazil's Petrobras makes new oil discovery off Amapa state (updated)

Petroleo Brasileiro SA Petrobras

02/10/2026 13:52

Updates with information from press-conference
SAO PAULO/RIO DE JANEIRO, Oct 2 (Reuters) - Brazilian state-run oil company Petrobras PETR3.SA said on Friday it had made a new oil discovery in ultra-deep waters off Amapa state, part of a region known as Equatorial Margin that it considers its most promising new oil frontier.
According to a securities filing, an oil-bearing interval was found in the Morpho well, marking a new discovery in block FZA-M-59, where it had already identified hydrocarbons in August.
Discovery was made in a second reservoir, deeper in the same well of the August oil discovery, according to the company
Work on the well is expected to conclude by end of October, CEO Magda Chambriard told reporters on Friday
Petrobras will drill three new wells in the area to determine wether commercial production in the environmentally-sensitive Foz do Amazonas basin is viable
Petrobras has seven wells still to be licensed for drilling in the region, said Chambriard
Foz do Amazonas shares geological similarities with offshore Guyana, where ExxonMobil XOM.N is developing huge fields

 (Reporting by Gabriel Araujo and Fabio Teixeira; Editing by Isabel Teles)
 ((Gabriel.Araujo2@thomsonreuters.com; +55 11 5047-3352;))