Petrobras Drills First Foz do Amazonas Well After Ibama Greenlight as CEO Flags Price Headwinds

Overview

• Petrobras says drilling of the Morpho exploratory well in the Foz do Amazonas basin is underway following Ibama’s recently issued permit.
• President Magda Chambriard told OTC Brasil that a drop in Brent to roughly $64 creates a challenging backdrop, prompting portfolio pruning, productivity gains and cost reductions.
• Chambriard said replenishing reserves is essential for energy security and reported strong support in Amapá for the offshore campaign.
• The current authorization covers only prospecting, so any commercial output would require a separate, multi‑stage Ibama process expected to take years.
• Regional leaders and company executives cited potential economic gains if oil is found, with Amapá studying dedicated funds modeled on Rio’s Fecam to channel future royalties into conservation and local development.