SUBSCRIBE
PROFILE

Brazil: Petrobras accelerates its oil project in the Equatorial Margin despite uncertainties

Petrobras aims to exploit a 10-billion-barrel deposit off the Amazon coast. While Ibama assesses the environmental impact, the Brazilian government supports the project, which could strengthen the country’s position in the global oil market.

Share:

Gain full professional access to energynews.pro from 4.90€/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90€/month*

No commitment – cancel anytime, activation in 2 minutes.

START NOW — 4.90€/month

*Special launch offer: 1st month at the indicated price, then 14.90 €/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99€/year*

To access all of energynews.pro without any limits

SUBSCRIBE — 99€/year

*Introductory annual price for year one, automatically renewed at 149.00 €/year from the second year.

Sign up for free to unlock this article

Brazil could take a new step in developing its oil industry with Petrobras’ exploration project in the Equatorial Margin. This offshore area of 350,000 km², located about 500 km from the mouth of the Amazon, is estimated to hold up to 10 billion barrels of oil.

A strategic project for Petrobras

The Brazilian oil giant seeks to solidify its place in the global market by expanding its exploitable reserves. In 2024, Brazil produced an average of 3.4 million barrels per day, making it the eighth-largest producer in the world and the largest in Latin America. With these new deposits, Petrobras hopes to increase its production and revenue to finance national energy initiatives.

The Brazilian government, through President Luiz Inacio Lula da Silva, strongly supports this exploration. He states that oil revenues are essential to funding the energy transition, a key argument to justify this project amid expressed concerns.

The decisive role of Ibama in approval

The Brazilian Institute of the Environment and Renewable Natural Resources (Ibama) is responsible for evaluating the impact of this project before granting a possible exploration license. Last October, Ibama requested Petrobras to clarify its emergency measures in case of an oil spill. A new proposal was submitted in December and is currently under review by technical experts.

The government displays divergent positions on the matter. While Environment Minister Marina Silva insists on a strictly technical and independent assessment, Mines and Energy Minister Alexandre Silveira calls for a swift approval to prevent project delays.

A promising market but challenges ahead

Beyond regulatory decisions, Petrobras must anticipate financial and logistical challenges related to offshore oil extraction. The Equatorial Margin’s exploitation requires substantial investments to establish infrastructures that meet international standards for safety and efficiency.

As neighboring countries such as Guyana and Suriname are already exploiting similar deposits, Brazil seeks to seize this opportunity to strengthen its influence in the global oil sector.

  • Popular on energynews.pro
Iberdrola adds 708 MW of solar capacity to joint venture with Norges Bank
EDF power solutions and El Paso Electric launch 150 MW solar facility in New Mexico
TotalEnergies sells Norwegian oil assets to Vår Energi to reduce debt
Clariant targeted by BP and ExxonMobil in ethylene case
Exxon to cut up to 500 jobs in Singapore as part of global restructuring
Cenovus raises offer for MEG Energy to $29.80 per share with new mixed structure
Cenovus Energy modifies terms of its acquisition of MEG Energy by increasing the offer value and adjusting the cash-share split, while reporting record third-quarter results.
JANAF and MOL begin crucial talks on Central European oil transport
Hungarian oil group MOL and Croatian operator JANAF are negotiating an extension of their crude transport agreement as the region seeks to reduce reliance on Russian oil.
Belarus quadruples fuel exports to Russia in September
Rail shipments of Belarusian gasoline to Russia surged in September as Moscow sought to offset fuel shortages caused by Ukrainian attacks on its energy infrastructure.
Denmark strengthens maritime controls at Skagen Strait amid Russian shadow fleet activity
Denmark is intensifying inspections of ships passing through Skagen, a strategic point linking the North Sea and the Baltic Sea, to counter the risks posed by the Russian shadow fleet transporting sanctioned oil.
TotalEnergies appoints Nicola Mavilla as global head of exploration
Nicola Mavilla succeeds Kevin McLachlan as TotalEnergies' Director of Exploration, bringing over two decades of international experience in the oil and gas industry.
Sahara Group deploys seven rigs to boost oil output in Nigeria
Sahara Group is making a major investment in Nigeria with seven new drilling rigs, aiming to become the country’s top private oil producer by increasing output to 350,000 barrels per day.
Senegal plans second refinery with 5.5 mn tonnes annual capacity
Senegal aims to double its oil refining capacity with a project estimated between $2bn and $5bn, as domestic demand exceeds current output.
Chevron gradually restarts El Segundo refinery after major fire
Chevron is working to restart several units at its El Segundo refinery in California after a fire broke out in a jet fuel production unit, temporarily disrupting regional fuel supplies.
Ethiopia launches $2.5bn refinery to reduce fuel import dependency
Ethiopia has begun construction of its first crude oil refinery in Gode, a $2.5bn project awarded to GCL, aimed at strengthening the country’s energy security amid ongoing reliance on fuel imports.
Opec+ raises production by 137,000 barrels per day in November
Opec+ slightly adjusts its quotas for November, continuing its market share recovery strategy amid stagnant global demand and a pressured market.
Beijing transfers up to $8.4bn to Iran through parallel oil network
China has established a clandestine oil-for-projects barter system to circumvent US sanctions and support Iran’s embargoed economy, according to an exclusive Wall Street Journal investigation.
TotalEnergies exits three mature fields in Norway’s Ekofisk area
TotalEnergies EP Norge signed two agreements to divest its non-operated interests in three inactive Norwegian fields, pending an investment decision expected in 2025.
US Supreme Court to rule on ExxonMobil case over 1960 Cuban asset seizures
The US Supreme Court will hear ExxonMobil’s appeal for compensation from Cuban state-owned firms over nationalised oil assets, reviving enforcement of the Helms-Burton Act.
Major fire contained at Chevron’s El Segundo refinery, investigation underway
A major fire has been extinguished at Chevron’s main refinery on the US West Coast. The cause of the incident remains unknown, and an investigation has been launched to determine its origin.
OPEC+ prepares new production hike amid rift between Riyadh and Moscow
Eight OPEC+ countries are set to increase oil output from November, as Saudi Arabia and Russia debate the scale of the hike amid rising competition for market share.
China could supply gasoline to Russia if Moscow removes import duties
The potential removal by Moscow of duties on Chinese gasoline revives export prospects and could tighten regional supply, while Singapore and South Korea remain on the sidelines.
Putin denounces “piracy” after tanker seized off French coast
Vladimir Putin responded to the interception of a tanker suspected of belonging to the Russian shadow fleet, calling the French operation “piracy” and denying any direct Russian involvement.
Russian oil tanker Boracay resumes voyage after being seized by France
After being intercepted by the French navy, the Boracay oil tanker, linked to Russia's shadow fleet, left Saint-Nazaire with its oil cargo, reigniting tensions over Moscow’s circumvention of European sanctions.
Russian crude exports hit 18-month high despite sanctions pressure
Russian seaborne crude shipments surged in September to their highest level since April 2024, despite G7 sanctions and repeated drone strikes on refinery infrastructure.
Moscow rules out diesel export ban for producers
Russia’s Energy Ministry stated it is not considering blocking diesel exports from producers, despite increasing pressure on domestic fuel supply.