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Yahoo
22-05-2025
- Business
- Yahoo
Petrobras Prepares Drill Ship Deployment for Oil Exploration in Amapa
Petrobras PBR, Brazil's state-controlled integrated oil and gas company, is accelerating preparations to deploy a drill ship to the northern state of Amapá, targeting the highly prospective Foz do Amazonas Basin. According to Reuters, final adjustments are underway to clear coral remnants from the vessel's hull, positioning the ship for departure by the end of May 2025. This movement is a crucial component of Petrobras' broader strategy to unlock what is widely regarded as Brazil's most promising new offshore oil frontier. Currently docked in Rio de Janeiro, the drill ship is expected to undertake a voyage spanning 20-30 days, placing its arrival in Amapá by late June. This logistical timeline is aligned with Petrobras' push to secure final approval for exploration activities in the Foz do Amazonas, a sedimentary basin located at the intersection of ecological richness and hydrocarbon potential. Significantly, Brazil's federal environmental agency, Instituto Brasileiro do Meio Ambiente e dos Recursos Naturais Renováveis (Ibama), has given its approval to an emergency response plan aimed at protecting local fauna in case of an oil spill. This approval marks significant progress in Petrobras' licensing journey. The next procedural milestone is a full-scale environmental simulation, which both Ibama and Petrobras must jointly schedule. While Petrobras is prepared to move forward, logistical constraints and personnel coordination within Ibama may delay the simulation beyond June. According to internal agency communications, the date will be set through mutual agreement, though some within the agency have acknowledged challenges in deploying the required teams swiftly. Adjacent to the Foz do Amazonas Basin is one of Brazil's most environmentally fragile areas, which is home to numerous coral reef formations and Indigenous coastal communities. These ecological and cultural considerations have formed the basis of sustained opposition to the drilling campaign. In 2023, Ibama rejected Petrobras' initial application to explore the region, citing insufficient measures to protect the unique biodiversity. Despite Petrobras' later appeals and revisions, many of Ibama's environmental officials remain unconvinced. An internal document signed in February emphasized that Petrobras' fauna rescue strategy had only a "remote possibility" of effectiveness, underlining persistent institutional resistance. The tension surrounding Petrobras' exploration ambitions reflects a broader national debate between Brazil's energy policy objectives and its environmental protection commitments. As the country seeks to diversify and expand its energy matrix, the Foz do Amazonas Basin represents a key asset in securing a long-term energy supply and potential revenues. However, these aspirations are counterbalanced by Brazil's international climate leadership and its pledges under the Paris Agreement. Internal divisions within the federal government have become increasingly apparent. While economic ministries and energy stakeholders advocate for responsible resource development, the Ministry of the Environment and environmental NGOs remain vocally opposed to drilling in the basin. Geologically, the Foz do Amazonas Basin shares characteristics with the oil-rich basins of Guyana and Suriname, where recent offshore discoveries have transformed regional energy dynamics. Industry experts have long considered Brazil's this side of geological formation as a high-potential zone for similar discoveries. Petrobras, with its deep-water exploration expertise and technological capabilities, is uniquely positioned to develop this frontier. The drill ship's deployment demonstrates Petrobras' dedication to pushing the boundaries of ultra-deepwater exploration and shows confidence in the reservoir's potential. While technical preparations are nearing completion, Petrobras' final authorization depends on the success and validation of the forthcoming environmental simulation. Ibama's response following the exercise will likely determine whether drilling can begin in the second half of 2025. Public scrutiny and judicial oversight also loom large. Environmental groups have threatened legal action if drilling proceeds without rigorous, transparent safeguards. Indigenous leaders in the region have requested additional consultations, highlighting potential impacts on ancestral fishing zones and marine life corridors. The upcoming deployment of Petrobras' drill ship to the Foz do Amazonas Basin marks a pivotal moment in Brazil's energy sector, highlighting the complex intersection of ecological responsibility and energy development amid heightened environmental scrutiny and pending regulatory approvals. If it goes ahead, this could lead to big new offshore oil discoveries and change Brazil's position in the global energy market. Currently, PBR holds a Zacks Rank #5 (Strong Sell). Investors interested in the energy sector might look at some better-ranked stocks like Subsea 7 SUBCY, which sports a Zacks Rank #1 (Strong Buy) and Comstock Resources, Inc. CRK and Expand Energy Corporation EXE, each holding a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks here. Subsea 7 is valued at $4.87 billion. The company is a global leader in delivering offshore projects and services for the energy industry, specializing in subsea engineering, construction and installation. Headquartered in Luxembourg, Subsea 7 supports both the oil & gas and renewable energy sectors with integrated solutions, including subsea infrastructure, heavy lifting and life-of-field services. Comstock Resources is valued at $6.95 billion. Its shares have risen 109.6% over the past year. Comstock Resources is an independent energy producer in the United States, holding approximately 1.1 million acres primarily within the highly prospective Haynesville and Bossier shale regions of North Louisiana and East Texas. The company's core business involves the acquisition, exploration, development and production of natural gas and oil from these assets. Expand Energy is valued at $27.01 billion, with its shares rising 24.5% over the past year. Based in Oklahoma City, OK, Expand Energy is an independent natural gas production company. With significant interests in shale formations across Pennsylvania, Ohio, West Virginia and Louisiana, the company focuses on the acquisition, exploration and development of properties for producing oil, natural gas and natural gas liquids. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Petroleo Brasileiro S.A.- Petrobras (PBR) : Free Stock Analysis Report Comstock Resources, Inc. (CRK) : Free Stock Analysis Report Subsea 7 SA (SUBCY) : Free Stock Analysis Report Expand Energy Corporation (EXE) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
20-05-2025
- Business
- Reuters
Petrobras to have drill ship ready for travel to Brazil's Foz do Amazonas by month's end, sources say
RIO DE JANEIRO, May 20 (Reuters) - Brazilian oil firm Petrobras ( opens new tab will have a drill ship ready to make the trip to the northern state of Amapa by the end of the month, three sources close to the matter told Reuters, as the company rushes for a drilling license for the Foz do Amazonas basin. According to the sources, work to clear corals from the underside of the drilling vessel is almost done, and then it would be ready to leave for the region considered Brazil's most promising frontier for oil exploration. On Monday, Brazil's environmental agency Ibama approved state-run Petrobras' concept of an emergency plan to assist local fauna in case of an oil spill, with the firm now expected to run a simulation that it said is the last step before being granted the license. The drill ship would take 20 to 30 days to get to Amapa after leaving Rio de Janeiro, where it currently is, meaning the whole process could be done by end of June, said a source. The date for the simulation will be set in common agreement between Petrobras and Ibama. But it would be "difficult" for it to happen in June, a source at Ibama told Reuters, adding they would have to move personnel around to run the simulation. Ibama's staff was mostly against Petrobras' bid, having signed a document in February saying the plan to rescue fauna had only a "remote possibility" of being successful. The environmentally sensitive region is home to vast coral reefs, opens new tab, and coastal Indigenous communities. In 2023, Ibama denied a Petrobras request to drill in the area, which the company immediately appealed, stoking divisions in Brazil's government between environmental advocates and allies pushing for oil and gas development in the region.
Reuters
20-05-2025
- Business
- Reuters
Petrobras gets a win in Amazon drilling push but future licensing in doubt
RIO DE JANEIRO, May 20 (Reuters) - A decision by Brazilian environmental agency Ibama on Monday will let state-run oil firm Petrobras ( opens new tab move a step closer to drilling for oil in a coveted offshore region, but it came with an important caveat for future permits in the area. Documents seen by Reuters show Ibama head Rodrigo Agostinho warned in his decision against "disorderly multiplication of future requests for environmental licenses" in the Foz do Amazonas basin, an oil frontier near the mouth of the Amazon River. The area, in the northernmost part of Brazil's Equatorial Margin, is considered Petrobras' most promising oil frontier, sharing geology with nearby Guyana, where Exxon Mobil (XOM.N), opens new tab is developing huge fields. But Agostinho said it would be hard to issue "fragmented and successive exploration licenses" in the Foz do Amazonas basin without a complex environmental study known as an AAAS that could take years to complete. Ibama had previously requested an AAAS to evaluate Petrobras' bid, but Brazil's solicitor-general issued a legal opinion that such a study should not hold up licensing. Agostinho's renewed demand adds to uncertainty about future licensing in the region, where Brazil is preparing to offer new blocks at a June auction. For now, the agency chief granted approval to a Petrobras proposal for how it would assist local fauna in the event of an oil spill in the environmentally sensitive region, which includes vast coral reefs, opens new tab and coastal Indigenous communities. Petrobras said it welcomed the decision on Monday, taking it as a green light to run a test of its environmental emergency plan, which it called the last step before a final licensing decision. The progress for Petrobras represents a loss for Ibama's technical staff, which had signed a document in February saying the plan to rescue fauna in case of an oil spill had only a "remote possibility" of being successful. In 2023, Ibama denied a Petrobras request to drill in the area, which the company immediately appealed, stoking divisions in Brazil's government between environmental advocates and allies pushing for oil and gas development in the region.
Reuters
19-05-2025
- Business
- Reuters
Brazil's agency approves Petrobras' fauna rescue plan as part of Amazon mouth request
RIO DE JANEIRO, May 19 (Reuters) - Brazilian environmental agency Ibama said on Monday it approved state-run oil firm Petrobras' ( opens new tab concept of an emergency plan to assist local fauna in case of an oil spill in the Foz do Amazonas basin. Ibama said the approval is one of the steps needed by the company to gain a final green light to drill in the environmentally sensitive region, adding it will now hold tests and simulations to verify Petrobras' plan effectiveness.
Yahoo
19-04-2025
- Politics
- Yahoo
Brazil's Indigenous leader Raoni says he is against drilling for oil in Amazon region
By Lais Morais BRASILIA (Reuters) -Brazil should not explore oil reserves in the Amazon region, because of the dangerous impact on local communities, Indigenous leader Raoni Metuktire, of the Kayapo people, told Reuters during the country's largest Indigenous gathering last week. Raoni's comments at the gathering, called Acampamento Terra Livre, come as debate heats up around Brazil's state-run oil firm Petrobras' bid to drill for oil off the coast of the Amazonian state of Amapa, in the sensitive Foz do Amazonas basin. "I'm against this oil project," said Raoni, days after he met with Brazilian President Luiz Inacio Lula da Silva. "I personally told President Lula that I am against it, I do not accept this oil in the Amazon." Though Lula has sought to be recognized as a champion of the world's tropical forests and Brazil's Indigenous peoples, he has also said that the country should be able to drill in the environmentally sensitive Foz do Amazonas basin. He has criticized the country's environmental agency Ibama for its delay in giving Petrobras a license to do so. Raoni, who has been an internationally recognized environmental campaigner for decades, was one of the few people invited by Lula to stand by him when he was sworn in for his third term as president in January 2023. In May 2023, Ibama denied Petrobras' request for an offshore drilling license for Foz do Amazonas, citing environmental concerns. It later also highlighted concerns over the effects the drilling could have on Amapa's Indigenous communities. The oil company appealed, but a final Ibama decision is pending. The Foz do Amazonas basin is in Brazil's Equatorial Margin, considered the country's most promising oil frontier, sharing geology with nearby Guyana, where Exxon Mobil is developing huge oil fields.
