Petrobras has received environmental approval to clear corals from a drilling vessel for the Foz do Amazonas project. This action is necessary if the company obtains a long-sought exploration license. Despite facing setbacks with Ibama, Petrobras remains optimistic about commencing drilling operations this year.
Brazil’s state-controlled oil company, Petrobras, has received permission from the national environmental agency to remove corals from a drilling vessel intended for use in the Foz do Amazonas region. The approval, announced after Petrobras submitted its request on February 10, will allow work to commence on the vessel if the company obtains a necessary exploration license for this ecologically sensitive area.
The removal process is critical, as the corals in question could pose an environmental risk if relocated to a different ecosystem. This operation will be monitored by Ibama, Brazil’s environmental regulatory body, to ensure compliance with ecological standards. Once the corals have been successfully cleared in Rio de Janeiro, the vessel will be positioned for exploration in the Equatorial Margin, a prospective region for oil discovery.
Petrobras aims to start drilling later this year should it secure the exploration license. However, the company encountered a setback last month when Ibama’s technical staff recommended against granting a drilling permit for a site in the Equatorial Margin that shares geology with the region where Exxon Mobil is currently developing substantial oil fields.
Despite these challenges, Silvia dos Anjos, head of exploration and production at Petrobras, expressed optimism regarding the license acquisition during a recent conference in Houston. It is worth noting that Ibama had previously denied Petrobras a drilling license in May 2023 due to environmental concerns, although the company has since filed an appeal, awaiting a final decision.
In summary, Petrobras has secured approval to clear corals from a drilling vessel destined for the Foz do Amazonas, subject to close supervision by environmental authorities. While the company seeks to commence drilling this year after obtaining the necessary license, it faces significant hurdles, including recent recommendations against its drilling plans from Ibama. The company’s exploration head remains hopeful for a favorable outcome in the licensing process, as they pursue their objectives in this critical oil exploration region.
Original Source: www.tradingview.com
