Updates license status.
Brazil's environmental agency Ibama has delivered a key license to drill in the Potiguar basin in a region known as the Equatorial Margin, Petrobras said.
The Equatorial Margin — composed of the Foz do Amazonas, Para-Maranhao, Barreirinhas, Ceara and Potiguar offshore basins and near the mouth of the Amazon River — is considered one of the most promising areas in Brazil for oil and gas production, as it may have similar geological characteristics as large offshore discoveries in Suriname and Guyana.
But it is also environmentally sensitive. Ibama rejected Petrobras' request to drill an exploration well in Foz do Amazonas in May, citing lack of an in-depth study (AAS).
Petrobras is now set to drill two exploratory wells in maritime block BM-POT-17 in the deep waters of the Potiguar basin in the next few weeks.
"With the exploratory survey, the company intends to obtain more geological information about the area in order to assess the economic feasibility and extent of the oil discovery made in 2013 at the Pitu well," Petrobras said. "There is no oil production at this stage."
Ibama issued the license for the Potiguar basin after the company carried out a pre-operational assessment in the basin, a drill which simulates a leakage, between September 18 and 20.
The success of that drill has led Petrobras to be optimistic and continue to pursue a license for drilling in Foz de Amazonas, Petrobras chief executive Jean Paul Prates said on social media.
Petrobras' priority for drilling continues to be Foz do Amazonas, Potiguar and Barreirinhas, in that order, Prates said.
Drilling in deep waters in the Potiguar Basin is expected to last 4-5 months. If Ibama authorizes the carrying out of a APO in the Foz da Amazonas basin, Petrobras must comply immediately in order to obtain the license also in that basin, Prates said.
To drill in the Pitu Oeste field, Petrobras will bring back a rig that spent months awaiting the licensing of block FZA-M-59 in the Foz do Amazonas basin. The rig had moved to carry out work in the Campos basin off the country's southeastern coast.
Ibama's decision in May was a setback for Petrobras' upstream goals, as it plans to drill 42 wells over 2023-27, with 16 of those programmed for the Equatorial Margin. Its strategic plan for 2023-2027 earmarked $3bn for the region.
"Brazil's new frontiers are essential for guaranteeing national energy security and sovereignty, in a context of energy transition and a low-carbon economy," Petrobras said.
TotalEnergies and BP previously exited the region because of environmental licensing difficulties.
