Petrobras has received regulatory approval from Brazil's environmental regulator Ibama to drill three additional wells in the Foz do Amazonas basin, part of its exploration program in the Equatorial Margin. The authorization, granted on September 3, 2026, covers the Manga, Crotalus, and PAD Morpho wells in block FZA-M-59 and allows the deployment of a second drillship, the Amaralina Star, alongside the ODN II, though the two rigs cannot operate simultaneously and the Amaralina Star must pass an Ibama inspection first. The new wells aim to delineate the reservoir associated with the Morpho discovery, where hydrocarbons were confirmed on August 14, 2026. This approval marks a shift from initial exploration to detailed evaluation, potentially strengthening Petrobras' long-term resource base, though near-term earnings impact is limited. Petrobras must submit an updated drilling schedule within 30 days, and regulatory compliance remains a key factor in the pace of activity.
Petroleo Brasileiro Petrobras SA ADRIbama approval lets Petrobras drill three more Foz do Amazonas wells, expanding its Equatorial Margin exploration program
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