After Oil Companies BP and Total Leave Petrobras in the Lurch, Brazilian Oil Giant Vows to Explore Brazil's New Pre-Salt in the Amazon River Delta Alone

After Oil Companies BP and Total Leave Petrobras in the Lurch, Brazilian Oil Giant Vows to Explore Brazil’s New Pre-Salt in the Amazon River Delta Alone

Written by Flavia Marinho

Published on 09/10/2022 at 13:04

Updated on 09/10/2022 at 13:05

Petrobras descobre novo pré-sal, no Amazonas, com mais de 30 bilhões de barria de petróleo – Imagem IG

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Besides Being Strategic for Petrobras, the Equatorial Margin – One of the Most Promising Deepwater Frontiers of the Offshore Industry in Brazil, Is One of the Largest Discoveries After the Pre-Salt!

Even ‘abandoned’ by the oil companies BP and Total, the Brazilian oil giant Petrobras, eyeing the production potential of the area, is betting on the Mouth of the Amazon, which promises to be the largest project discovered in Brazilian territorial waters since the pre-salt.

Petrobras plans to begin the exploration and drilling of the first oil well off the coast of Amapá in the fourth quarter of 2022, 160 kilometers from the northern coast of Amapá, in a water depth of about 2,800 meters.

For this, the Brazilian state-owned company needs Ibama to issue an environmental license. Expected in November, the license is only for a pre-operational simulation in Amapá, which will be analyzed by the environmental agency for a possible grant of a license for exploration in the area.

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In the operation simulation, Petrobras will have to prove that there is no risk of contamination in the area and outline control measures in case of accidents in the region.

Total and BP’s choice to invest in renewable energy and the delay in obtaining environmental licensing were the reasons the oil companies left Petrobras alone in the operation. Total abandoned the consortium in 2020 and BP in 2021.

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The new exploratory frontier of Petrobras, located in the Brazilian Equatorial Margin, spans 5 sedimentary basins, extending from the coast of Amapá to Rio Grande do Norte.

Even though it is not well known, Petrobras is betting on the Brazilian portion of the Equatorial Margin, which holds great expectations in the sector. This is because the region is adjacent to the Guyana and Suriname basins, where the largest oil company in the U.S., ExxonMobil, has accumulated over 25 discoveries.

The volumes of oil and gas in the region are not below a salt layer, as in the South and Southeast, but it has been nicknamed the “new pre-salt” due to the expectations surrounding its reserves.

According to ANP (National Agency of Oil, Natural Gas and Biofuels), there is a high potential of 30 billion barrels of oil in the Equatorial Margin – basins of the Mouth of the Amazon, Pará-Maranhão, Barreirinhas, Ceará, and Potiguar – with a recoverable volume (effective production) of 7.5 billion barrels of oil, a volume that could be much larger with the new technologies developed by Petrobras.

Due to the expectations, the Equatorial Margin has become one of the agency’s priorities for offering exploration areas in auctions.

“The Equatorial Margin is considered a strategic area for Petrobras and one of the most promising deepwater frontiers of the offshore industry in Brazil, with significant oil potential,” said Petrobras Executive Manager Mario Carminatti to Poder360.

The Capex (investment) allocated by Petrobras for the new frontier until 2026 is US$ 2 billion, or 38% of the total forecasted by the state-owned company for exploration in the next four years.

After Oil Companies BP and Total Leave Petrobras in the Lurch, Brazilian Oil Giant Vows to Explore Brazil’s New Pre-Salt in the Amazon River Delta Alone

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The Largest Oil Company in the U.S., ExxonMobil, Accumulates Over 25 Discoveries Alongside the Brazilian Equatorial Margin

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