Brazil’s New Oil Frontier Could Keep Its Boom Alive For Decades
6 Articles
6 Articles
Brazil’s New Oil Frontier Could Keep Its Boom Alive For Decades
Brazilian President Luiz Inácio Lula da Silva has hailed a new offshore oil discovery by Petrobras (NYSE: PBR) near the mouth of the Amazon River as a "passport to the country's future", continuing his support for controversial oil and gas drilling in Amazon's ecologically sensitive regions. Last week, the state-run Oil & Gas giant announced it has found oil at the Morpho-1 well (Block FZA-M-59) in the mouth of the Amazon roughly 180 kilometres …
Petrobras (NYSE: PBR) Amazon Discovery Could Sustain Brazil's Oil Boom For Decades
Brazil’s state oil giant Petrobras (NYSE: PBR) has discovered oil near the mouth of the Amazon River, a find that President Luiz Inácio Lula da Silva is already hailing as a transformational moment for the country. Lula described the discovery as a “passport to Brazil’s future,” signaling the government’s strong intent to pursue development of the newly identified resource. The find is located along what geologists and energy analysts are callin…
Petrobras president announces discovery on the Amapá coast, still without volume estimate
Companies of the oil sector begin to move their eye on the potential of the Amazon Foz after Petrobras identify hydrocarbons in the region. The Chinese CNOOC Petroleum Brazil asked Ibama (Brazilian Institute of the Environment and Renewable Natural Resources) full access to an administrative process related to the area. The request was submitted on Wednesday (19) by Yehua Huang, president of the company. Document published in the Official Journa…
Less than two months before the presidential elections, the discovery of oil indices 175 kilometres from the Amazonian coast excited the Brazilian head of state, who sees it as a gateway to the future of the country. But this new oil border also raises the concerns of local people and environmentalists.
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