Petrobras’ second Morpho find lifts reserve hopes as licensing scrutiny endures

Petrobras’ second Morpho find lifts reserve hopes as licensing scrutiny endures
Petrobras has reported a second oil discovery at the Morpho well in the FZA-M-59 block, about 175 kilometres off Oiapoque, Amapá, after drilling deeper than the interval where it announced its first find in August. The well is in ultra-deep water in the Foz do Amazonas basin, a key part of the Equatorial Margin.

Both accounts present the result as an encouraging geological signal rather than a ready-to-produce field. Petrobras said the new evidence “expands knowledge of the area’s exploratory potential” and will help assess petroleum systems and resource potential in the basin. The company identified the occurrence through electrical logs, rock indications and fluid samples; laboratory work on the latest material is still pending.

The shared strategic argument is that new frontiers may be needed as Brazil’s pre-salt fields approach a projected production peak in 2034-35. The Brazil Right account emphasizes the scale of the prize: the Energy Research Office estimates 5.7 billion recoverable barrels in the Foz do Amazonas area, while estimates for the broader Equatorial Margin range from 30 billion barrels by the ANP to 41 billion by the EPE.

The Brazil Left account similarly describes the margin as a possible “new pre-salt,” citing discoveries in Guyana and Suriname, but gives greater weight to the political and environmental dispute. It notes that oil companies and parts of government backed drilling while environmental advocates raised concerns about its impacts.

The October 2025 Ibama authorization permitted drilling at Morpho, not automatic development. Petrobras says its work is carried out safely and with respect for the environment and people, but additional planned wells still require environmental review.

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