Petrobras Confirms Third Oil Discovery at Morpho Well Offshore Brazil's Amapá Coast

Petrobras confirmed a third oil-bearing interval at its Morpho exploration well in block FZA-M-59 in the Foz do Amazonas Basin, roughly 175 kilometers off Brazil's northern coast in water depths of 2,886 meters, the state-controlled company said Thursday. The find, made in the same well as discoveries announced in August and early October 2026, follows further evaluation of geological formations. Petrobras has completed drilling and data acquisition and will plug and abandon the well, after which the NS-42 rig will relocate to the Potiguar Basin to drill the Mãe de Ouro prospect. The company did not disclose estimates of recoverable volumes or confirm commercial viability, which will require further technical evaluation. Petrobras has allocated about $2.5 billion under its 2026–2030 business plan for Equatorial Margin exploration, including 15 wells over five years, as it seeks to replenish reserves beyond established offshore production areas.