HomeMarket NewsPetrobras Allocates $300M for Potiguar Basin Exploration as it Receives Environmental Licenses

Petrobras Allocates $300M for Potiguar Basin Exploration as it Receives Environmental Licenses

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Petrobras, listed on the NYSE as PBR, has announced its plan to invest approximately $300M in drilling two exploratory wells in the deepwater Potiguar Basin. This basin, located near the mouth of the Amazon River, is recognized as a promising new frontier for oil and gas exploration. Chief Exploration and Production Officer Joelson Falcao Mendes revealed this information on Monday evening, following the company’s recent acquisition of environmental licenses.

This achievement is significant for Petrobras, as it marks the first license granted by Brazil’s Ibama environment agency since 2013, allowing them to drill in this extensive area. The wells will be located in block BM-POT-17, 52 km from the coast, with operations expected to commence in either October or November. The first well, named Pitu Oeste, will be followed by the drilling of a second well, Anhanga, nearby.

In addition to this milestone, Petrobras is concurrently pursuing permission to drill at the mouth of the Amazon River on the coast of northern Amapa state, a topic that has sparked controversy and divided President Luiz Inacio Lula da Silva’s government.

On another note, CEO Jean Paul Prates has mentioned that Petrobras will consider raising fuel prices at its refineries before the end of the year, although no final decision has been made at this time.

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