Petrobras: acceleration of oil exploration under new presidency

The new president of Petrobras, Magda Chambriard, announces an acceleration of oil exploration despite environmental tensions, particularly in the Amazon.

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.

*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

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

Petrobras President Magda Chambriard announces an intensification of oil exploration efforts in Brazil, including in controversial areas near the Amazon. At a press conference in Rio de Janeiro, Chambriard stressed the importance of these initiatives to avoid importing oil, while coping with dwindling reserves.

“We have to be careful with reserves and importing (oil) is out of the question, which is why it’s necessary to explore new frontiers (…). These efforts must be accelerated.”

As new president of the group, she specifically mentions the Pelotas Basin in the south and the “Equatorial Margin” in the north, at the mouth of the Amazon, as new frontiers to explore. These projects have provoked strong reactions, particularly from the Minister for the Environment, Marina Silva. It strongly opposes exploration in these sensitive areas. Brazil’s environmental agency Ibama has previously refused to grant a license for exploration in the Amazon region, citing insufficient studies by Petrobras. Nevertheless, the Ministry of Energy strongly supports these initiatives, placing President Lula in the delicate position of arbitrator between the country’s environmental and energy interests.

Environmental and economic challenges

Oil exploration near the Amazon poses major environmental challenges. The region is home to the world’s largest rainforest, a crucial ecosystem for biodiversity and the fight against climate change. Environmentalists fear that drilling activities could cause irreversible damage to this fragile ecosystem. At the same time, Petrobras is facing economic pressure to increase production in order to remain competitive. Chambriard also addresses the question of pre-salt deposits, which are very deep-water reserves that have been exploited for some fifteen years. She predicts that production from these fields will peak by 2030, stressing that Petrobras’ survival depends on the company’s ability to rebuild its reserves. This need to increase production highlights the dilemma between pursuing economic objectives and preserving the environment.

Political and strategic consequences

Magda Chambriard’s appointment comes at a time of great instability for Petrobras, with six successive chairmen in just over three years. The dismissal of his predecessor, Jean Paul Prates, following a dispute over dividend payments, reflects internal tensions within the company and its relations with the government. Brazil’s energy policy under President Lula must balance economic growth objectives with the need to meet international climate commitments. Lula, who has positioned himself as a defender of the Amazon and the fight against climate change, must now arbitrate between oil exploration ambitions and environmental pressures. The decision to continue or limit oil exploration in sensitive areas could have a significant impact on Brazil’s international reputation in terms of environmental policy.

Impact on society and the economy

Debates surrounding oil exploration in the Amazon also affect local communities and regional economies. Drilling projects can create jobs and boost the local economy, but they can also threaten the livelihoods of indigenous populations and local wildlife. The decisions taken by Petrobras under Chambriard’s leadership will have a lasting impact on relations between companies, local communities and government.
In addition, the reaction of financial markets to these announcements will be a key indicator of investor confidence in Petrobras’ strategic direction. The transition to more sustainable energy sources is a global priority, and energy companies are increasingly judged on their ability to adapt to this new reality while remaining profitable.

Russia plans to ship 2.1 million barrels per day from its western ports in September, revising exports upward amid lower domestic demand following drone attacks on key refineries.
QatarEnergy obtained a 35% stake in the Nzombo block, located in deep waters off Congo, under a production sharing contract signed with the Congolese government.
Phillips 66 acquires Cenovus Energy’s remaining 50% in WRB Refining, strengthening its US market position with two major sites totalling 495,000 barrels per day.
Nigeria’s two main oil unions have halted loadings at the Dangote refinery, contesting the rollout of a private logistics fleet that could reshape the sector’s balance.
Reconnaissance Energy Africa Ltd. enters Gabonese offshore with a strategic contract on the Ngulu block, expanding its portfolio with immediate production potential and long-term development opportunities.
BW Energy has finalised a $365mn financing for the conversion of the Maromba FPSO offshore Brazil and signed a short-term lease for a drilling rig with Minsheng Financial Leasing.
Vantage Drilling has finalised a major commercial agreement for the deployment of the Platinum Explorer, with a 260-day offshore mission starting in Q1 2026.
Permex Petroleum has signed a non-binding memorandum of understanding with Chisos Ltd. for potential funding of up to $25mn to develop its oil assets in the Permian Basin.
OPEC+ begins a new phase of gradual production increases, starting to lift 1.65 million barrels/day of voluntary cuts after the early conclusion of a 2.2 million barrels/day phaseout.
Imperial Petroleum expanded its fleet to 19 vessels in the second quarter of 2025, while reporting a decline in revenue due to lower rates in the maritime oil market.
Eight OPEC+ members will meet to adjust their quotas as forecasts point to a global surplus of 3 million barrels per day by year-end.
A key station on the Stalnoy Kon pipeline, essential for transporting petroleum products between Belarus and Russia, was targeted in a drone strike carried out by Ukrainian forces in Bryansk Oblast.
The European Union’s new import standard forces the United Kingdom to make major adjustments to its oil and gas exports, impacting competitiveness and trade flows between the two markets.
The United Kingdom is set to replace the Energy Profits Levy with a new fiscal mechanism, caught between fairness and simplicity, as the British Continental Shelf continues to decline.
The Italian government is demanding assurances on fuel supply security before approving the sale of Italiana Petroli to Azerbaijan's state-owned energy group SOCAR, as negotiations continue.
The Dangote complex has halted its main gasoline unit for an estimated two to three months, disrupting its initial exports to the United States.
Rosneft Germany announces the resumption of oil deliveries to the PCK refinery, following repairs to the Druzhba pipeline hit by a drone strike in Russia that disrupted Kazakh supply.
CNOOC has launched production at the Wenchang 16-2 field in the South China Sea, supported by 15 development wells and targeting a plateau of 11,200 barrels of oil equivalent per day by 2027.
Viridien and TGS have started a new 3D multi-client seismic survey in Brazil’s Barreirinhas Basin, an offshore zone still unexplored but viewed as strategic for oil exploration.
Taiwan accuses China of illegally installing twelve oil structures in the South China Sea, fuelling tensions over disputed territorial sovereignty.

Log in to read this article

You'll also have access to a selection of our best content.