Photo: Ricardo Stuckert

Petrobras considers offshore exploration in Amapá a key part of efforts to replenish its reserves before pre-salt production reaches its expected peak in 2034 or 2035. According to Brasil 247, Petrobras President Magda Chambriard said new exploration frontiers will be necessary to prevent Brazil from losing its position among the world's ten largest oil producers. Brazil currently ranks seventh.

"There is no future for an oil company without exploration," Chambriard said, according to Brazil Stock Guide. She said about 80 percent of Brazil's current oil production comes from the pre-salt, increasing the importance of discovering new reserves capable of sustaining production in the coming decades.

Chambriard recalled that Brazil once relied heavily on imported oil. In 1984, crude oil accounted for 48 percent of Brazilian imports, according to her. Brazil achieved self-sufficiency between 2006 and 2008 and, driven by the pre-salt, turned oil into its main export product over the past two years.

"Losing this position would be a shame," she said. Chambriard said she expects oil to remain Brazil's main export item this year as well.

Against this backdrop, Petrobras confirmed an oil discovery in block BM-FZA-59, offshore of Amapá. The company, however, does not yet have enough information to estimate the size of the accumulation or determine its commercial viability.

Drilling of the exploration well is expected to continue for another 15 to 20 days. Petrobras will then have to delineate the discovery to determine how much oil is present in the area and what portion can be technically recovered.

"There is oil, there is a discovery, but we still do not know how much," Chambriard said. According to her, the results obtained so far confirm studies that had pointed to significant potential in the region.

Petrobras plans to drill three more wells in BM-FZA-59 and is awaiting the environmental licensing required to proceed with the campaign. The company also plans to drill five wells in adjacent blocks.

The drilling campaign is expected to help determine the effective potential of the offshore portion of the Equatorial Margin off Amapá. The initial discovery, by itself, does not yet represent a commercial field and does not allow production, investment or revenue projections.

"Everything indicates that it will be good. We are extremely optimistic about what we are finding here," Chambriard said.

(Reported by Brasil 247 on August 17, 2026)