Petrobras Will Invest R$ 8 Billion Over The Next Five Years To Drill Oil Wells; Pará-Maranhão Basins Are Among The State Company’s Priorities

Maranhão and Pará Will Be Contemplated with New Investments from Petrobras in Attempt to Drill New Oil Wells in the Region.  

Between 2022 and 2025, Petrobras announced a new round of investments, six will be on the border with French Guiana. A total of R$ 8 billion will be invested in drilling new oil wells, aiming to foster new jobs and income for the Brazilian economy that includes the Pará-Maranhão basins.  

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Brazilian Equatorial Margin Will Receive One of the Largest Investments in the Oil and Gas Industry  

“The Brazilian Equatorial Margin is one of the largest investments for the oil industry on the planet. Petrobras showed, in this meeting, that this basin is a priority,” stated Alan Kardec Barros.

Studies conducted by the state-owned company demonstrate a significant potential for oil exploration in the sedimentary basins of the Brazilian equatorial margin, which includes the basins of the Mouth of the Amazon, Pará-Maranhão /Barreirinhas, and Potiguar.

“The wells in Guyana and Suriname, along with these discoveries in Africa that are yielding significant results, awakened Petrobras’s interest in the Equatorial Margin area. The company announced that it will drill wells in the Barreirinhas Basin,” explained Alan Kardec.

Approval from Ibama

“Currently, the ball is in our court, not with Ibama, which has already reviewed part of the studies submitted. We need to develop the simulation that demonstrates we have all the necessary resources to obtain a drilling license in that area,” stated Petrobras’s Director of Exploration and Production, Fernando Borges, during the event.  

Petrobras Will Allocate R$ 300 Million for Social Cooking Gas Program for Low-Income Families

Last Wednesday, Petrobras announced that it will allocate R$ 300 million for the social cooking gas program, lasting  15 months, aimed at helping low-income families purchase cooking gas.  

The social program comes at a time when Brazil is facing high inflation driven by rising energy and food prices, which has affected the popularity of President Jair Bolsonaro ahead of next year’s presidential election. Joaquim Silva e Luna stated that it reinforces the “social role” of the company amid the consequences of the COVID-19 pandemic, which the state-owned company views as an “exceptional and emergency situation.”  

The current president of the state-owned company also highlighted, in a press conference earlier this week, that the company does not intend to change its fuel pricing policies.