Petrobras Could Begin Amazon Basin Oil Production Within Seven Years, CEO Says

October 22, 2025

Brazil’s state-run oil company Petrobras could begin producing oil and gas in the Foz do Amazonas basin within seven to eight years if major reserves are confirmed, Chief Executive Magda Chambriard told Reuters on Tuesday.

The basin, located off the coast of the Amazonian state of Amapá, is considered the company’s most promising new frontier and shares geological similarities with neighboring Guyana, where ExxonMobil has made massive discoveries.

Chambriard said Petrobras expects to delineate the reservoir within two years once exploratory drilling begins. “If it’s good enough, we’ll be producing in seven or eight years,” she said. The projected timeline would align new production from Foz do Amazonas with the expected decline of Brazil’s pre-salt output, allowing Petrobras to offset losses from its maturing deepwater fields.

The comments came a day after Brazil’s environmental regulator Ibama approved Petrobras’ long-delayed request to drill an exploratory well in the basin, near the mouth of the Amazon River. The operation, expected to last around five months, will be the company’s first in the area after years of environmental and political debate.

Petrobras plans to drill six additional wells in the region if initial results are promising. Chambriard said obtaining licenses for those will likely be easier now that the company has satisfied most environmental requirements, including an emergency response test simulating an oil spill — a key condition for Ibama’s approval.

The decision marks a turnaround for Petrobras, whose 2023 drilling request was denied amid strong opposition from environmental groups and within parts of the Lula administration. The company has since invested millions to bolster its environmental safeguards and meet stricter regulatory standards.

Chambriard described the latest approval as a milestone that could secure Brazil’s future energy supply while supporting its economic and social development. “We’ll produce responsibly and with the best environmental practices,” she said, underscoring that Petrobras remains committed to balancing oil growth with its long-term transition goals.

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