Brazil's Petrobras finds hydrocarbons in Foz do Amazonas basin
Petrobras, Brazil's state-run oil firm, announced on Friday that it had found hydrocarbons in an exploratory well located off the coast of the Atlantic Ocean near the Foz do Amazonas Basin.
In a filing with the Securities and Exchange Commission, the company said that drilling operations are still underway in this environmentally sensitive area.
Magda Chambriard, Petrobras' Chief Executive Officer, told me over the phone that it was a great joy but also a big step forward in the direction we are aiming for.
The CEO said that the discovery "heats" up the entire?region. Chambriard noted that commercial viability needs to be evaluated, noting that the state-run oil firm plans to drill another three wells in the area.
Petrobras’ push to drill a well for exploration in the Foz do Amazonas Basin, near the mouth the Amazon River has ignited a contentious debate.
After a year-long effort, the company received a drilling permit in the sensitive zone after enhancing its emergency response plan to oil spills.
Foz do Amazonas, part of Brazil's Equatorial Margin is considered by Petrobras to be its most promising oil frontier because it shares geological similarities with neighboring Guyana where Exxon Mobil discovered vast offshore reserves. Reporting by Fernando Cardoso, Sao Paulo; Fabio Teixeira, Rio de Janeiro. Editing by Mark Porter & Cynthia Osterman.
(source: Reuters)
