Petrobras Announces Significant Oil Discovery in Brazil’s Potiguar Basin

Petrobras, the Brazilian state-run oil giant, has made a significant oil discovery in the ultra-deep waters of the Potiguar Basin, located along the Brazilian Equatorial Margin. This discovery was made at the Anhangá exploratory well, identified as 1-BRSA-1390-RNS, within the POT-M-762_R15 Concession. Positioned near the boundary of the Ceará and Rio Grande do Norte states, the well is approximately 118 miles from Fortaleza and 155 miles from Natal, with a depth reaching 7,205 feet. This marks the second discovery in the Potiguar Basin for the year 2024, following the earlier identification of hydrocarbons in the Pitu Oeste Well within the BM-POT-17 Concession, merely 15 miles from Anhangá.

Petrobras, which operates and fully owns both concessions, has indicated that further evaluations are necessary to fully assess these findings. The company’s exploratory efforts in the Equatorial Margin are part of its broader strategy to replenish reserves and explore new frontiers, ensuring the fulfillment of global energy demands throughout the ongoing energy transition. The discovery of oil in Albian-age turbidite reservoirs within the Potiguar Basin is hailed as a groundbreaking achievement for the region. Petrobras plans to continue its exploration in the POT-M-762_R15 concession to determine the quality of the reservoirs, the characteristics of the oil, and the potential commercial viability of the discovered accumulation. Petrobras CEO, Jean Paul Prates, highlighted the company’s impeccable safety record in drilling almost 3,000 wells in deep and ultra-deepwater environments, underscoring its technical prowess and environmental stewardship over nearly seven decades. Joelson Mendes, Petrobras Exploration and Production Director, emphasized the strategic importance of the Equatorial Margin as a promising new frontier that is crucial for Brazil’s future oil supply and development.

The company has announced plans to invest $7.5 billion in exploration activities by 2028, with $3.1 billion allocated for the Equatorial Margin. This investment strategy includes drilling 50 new exploratory wells, 16 of which will be in the Equatorial Margin. Petrobras is also expanding its exploration footprint beyond Brazil, with recent acquisitions in the Pelotas Basin and stakes in exploratory blocks in São Tomé and Príncipe. This exploration expansion aligns with Petrobras’ strategic goals of maximizing portfolio value, replenishing oil and gas reserves, boosting natural gas supplies, and advancing the decarbonization of its operations. In 2023, the company reported its second-highest annual net income of $24.9 billion, with plans to distribute 58.1 percent of this amount as dividends, reflecting a robust financial performance and commitment to shareholder value.