On October 29 local time, Petrobras announced the discovery of new oil deposits near the coast of Amapa state in northern Brazil, but did not disclose the specific oil reserves.
The company stated that new oil was discovered in the Morpho well located in the ultra-deep waters of the FZA-M-59 block near the coast of Amapa state. The water depth is 2886 meters, and this is the third oil-bearing layer found in this well.
The British Broadcasting Corporation (BBC) reported that the Morpho oil well is located about 180 kilometers from the coast of Amapa state. Petrobras has been conducting exploration operations in this area since October 2025, and two oil-bearing layers were discovered in August and early October of this year. It is not yet clear whether it is commercially viable to extract oil at such a depth.
Brazilian President Luiz Inacio Lula de Oliveira stated on August 17 that the newly discovered oil resources are a 'passport to the future', and he would not allow any country to interfere. However, Lula also emphasized that this does not mean he will reverse his earlier commitment to Brazil to 'dedicate itself to the goal of no longer relying on fossil fuels at some point'. Brazil will continue to be a major player in the field of renewable energy.
