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Brazilian President Luiz Inácio Lula da Silva attended the announcement event in Oiapoque, describing the find as "a passport to the country's future." Lula, who faces a competitive October 2026 election, stated the discovery does not conflict with Brazil's renewable energy commitments.

Brazilian President Luiz Inácio Lula da Silva attended the announcement event in Oiapoque, describing the find as "a passport to the country's future." Lula, who faces a competitive October 2026 election, stated the discovery does not conflict with Brazil's renewable energy commitments.

This comes as Petrobras confirmed an oil discovery at the Morpho exploratory well in block FZA-M-59, located about 175 km off the coast of Amapá state in ultra-deep water. The company cautioned that the volume found and commercial viability have yet to be determined.

This comes as Petrobras confirmed an oil discovery at the Morpho exploratory well in block FZA-M-59, located about 175 km off the coast of Amapá state in ultra-deep water. The company cautioned that the volume found and commercial viability have yet to be determined.

Petrobras CEO Magda Chambriard said drilling of the Morpho well began in October 2025 and that 15 to 20 additional days of operations would be needed to complete the assessment. The company has invested $300 million in the well, with roughly half directed toward environmental protection.

Petrobras CEO Magda Chambriard said drilling of the Morpho well began in October 2025 and that 15 to 20 additional days of operations would be needed to complete the assessment. The company has invested $300 million in the well, with roughly half directed toward environmental protection.

Petrobras holds a 100% stake in block FZA-M-59, acquired in a 2013 auction, and plans to drill three more wells in the block and up to six in adjacent areas, pending additional licenses from Brazil's environmental agency, IBAMA.

Petrobras holds a 100% stake in block FZA-M-59, acquired in a 2013 auction, and plans to drill three more wells in the block and up to six in adjacent areas, pending additional licenses from Brazil's environmental agency, IBAMA.

Brazil's Equatorial Margin, which spans the Foz do Amazonas and several other basins, is considered a key exploration frontier. Preliminary estimates suggest the basin could hold up to 10 billion barrels of oil, with a potential value of around $720 billion.

Brazil's Equatorial Margin, which spans the Foz do Amazonas and several other basins, is considered a key exploration frontier. Preliminary estimates suggest the basin could hold up to 10 billion barrels of oil, with a potential value of around $720 billion.

Environmental and Indigenous groups have sued the Brazilian government and Petrobras to halt exploration, arguing that traditional communities were not properly consulted and that spill risks were underestimated. IBAMA initially rejected Petrobras's drilling request in 2023 before granting the license in October 2025.

Environmental and Indigenous groups have sued the Brazilian government and Petrobras to halt exploration, arguing that traditional communities were not properly consulted and that spill risks were underestimated. IBAMA initially rejected Petrobras's drilling request in 2023 before granting the license in October 2025.

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Petrobras confirmed an oil discovery at the Morpho exploratory well in block FZA-M-59, located about 175 km off the coast of Amapá state in ultra-deep water. The company cautioned that the volume found and commercial viability have yet to be determined.

Petrobras confirmed an oil discovery at the Morpho exploratory well in block FZA-M-59, located about 175 km off the coast of Amapá state in ultra-deep water. The company cautioned that the volume found and commercial viability have yet to be determined.

Brazil's Lula hails oil discovery near Amazon river

Brazil's Lula hails oil discovery near Amazon river

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Brazil's Lula hails oil discovery near Amazon river

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