Petrobras Discovers Hydrocarbon Deposits 180 km Off Brazil's Amapa Coast
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Brazil's Petrobras said it detected new hydrocarbon deposits about 180 km off the coast of Amapa state. Initial assessments for the Equatorial Margin region point to roughly 10 billion barrels of oil potential, worth near $720 billion at market prices.
Key Facts
- Environmental organizations and local communities in Amapa state have taken the exploration project to court, arguing they were not sufficiently consulted.
- Petrobras President Magda Chambriard said the volume of the hydrocarbon reserve has not been finalized, but exploration findings support a positive outlook.
- President Luiz Inacio Lula da Silva, expected to seek re-election in October, said the new reserves are a factor of importance for Brazil's economic future.
- Lula da Silva also said he is continuing efforts to phase out fossil fuel use.
The Amapa Offshore Discovery
Petrobras announced the detection of new hydrocarbon deposits about 180 km off the coast of Amapa state, in the Equatorial Margin. Petrobras President Magda Chambriard said the reserve volume has not yet been determined, but the exploration findings support a positive outlook. Initial assessments for the Equatorial Margin region point to about 10 billion barrels of oil potential, with a market value near $720 billion.
Environmental and Legal Opposition
Environmental organizations and local communities in Amapa state have taken the exploration project to court, arguing they were not sufficiently consulted. President Luiz Inacio Lula da Silva, expected to run for re-election in October, said the new reserves are a factor of importance for Brazil's economic future. Lula da Silva also said he is continuing efforts to phase out fossil fuel use.
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Petrobras Discovers Hydrocarbon Deposits 180 km Off Brazil's Amapa Coast
