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Petrobras announces investment of BRL 15 billion in the exploration of oil wells in the so-called “Equatorial Margin”

Written by Ruth Rodrigues
Published 06/12/2022 às 15:13
Petrobras intends to invest heavily in the search for new oil wells in the region known as the Equatorial Margin.
Source: Capital Reset

The company intends to invest heavily in the search for new oil deposits in the region known as the Equatorial Margin. Petrobras' well exploration project has been the target of criticism from environmental bodies throughout Brazil.

The state company Petrobras is this Tuesday, (06/12), with a project audacious for the future of the national oil and gas market. It is a plan to explore and search for new oil wells on the so-called Equatorial Margin, a strip of coastline that runs from Ceará to Amapá. The company will invest a total of R$ 15 billion in the exploration of wells in the region, but it is being strongly criticized regarding the possible environmental impacts resulting from this campaign.

Project to explore oil wells on the Equatorial Margin is Petrobras' next bet for the domestic market, but concerns environmentalists

Over the last few years, Petrobras has been investing more and more in the search for new oil and natural gas production areas in Brazil.

Not satisfied with the areas currently in operation in the country, the company announced an audacious and controversial exploration campaign for the coming years.

The Brazilian Equatorial Margin region will be the target this time. This is because the state-owned company will direct a total of R$ 15 billion in funds for the exploration of new oil wells in that region, aiming to obtain new deposits of the resource in the area.

The region became one of the company's bets after the discovery of giant oil reserves in Guyana.

In this way, Petrobras intends to apply an amount equivalent to what the company intends to spend on exploration in the Southeast and in Colombia only in the search campaign for new reserves in this region of the national coast.

However, this project is not being well-regarded by everyone in the oil and gas segment. This, because several environmentalists throughout Brazil, criticize the possible environmental damage that the company's campaign could bring, among them, the damage to corals in the area of ​​the mouth of the Amazon River.

Petrobras has the support of representatives of the Bolsonaro Government to carry out the campaign for the exploration of oil wells on the Equatorial Margin

While environmentalists across the country criticize the state-owned company's stance on its relentless race for new oil reserves in Brazil, the Bolsonaro government aligns itself with the state-owned company's ideals and has been supporting the project.

In recent weeks, the industry has received support from high-ranking representatives of the Bolsonaro government. During the month of October, the Minister of the Environment, Joaquim Leite, defended the possibility of exploring oil in the region in a sustainable way.

Last Tuesday, the Minister of Mines and Energy, Adolfo Sachsida, stated that it was necessary for Brazil to explore its natural wealth, since, if it does not, other countries will be able to. 

Thus, with the support of the Bolsonaro Government to take its well exploration campaign in the region forward, Petrobras will carry out a drilling test on the Equatorial Margin later this month.

Petrobras' Director of Exploration and Production, Fernando Borges, stated that the entire team has high expectations regarding possible oil reserves and the success of the initial test.

However, he recognized that this is a project in its initial stages, so it is not yet possible to draw up a plan for the start of production, for example.

Thus, over the next few years, Petrobras will continue to invest in pre-salt exploration, while searching for new oil sources across the country.

Ruth Rodrigues

Graduated in Biological Sciences from the State University of Rio Grande do Norte (UERN), she works as a writer and scientific disseminator.

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