The Brazilian presidency is pushing for an oil exploration project near the Amazon River, despite environmental concern. The project, led by the Brazilian state-owned oil and gas company Petrobras, aims to explore the Equatorial Margin, an area covering 350,000 km2 off northern Brazil, about 500 km from the Amazon River mouth. Petrobras estimates the area could hold reserves of 10 Gbl of oil.
Following Brazil’s environmental protection agency (IBAMA)'s rejection of Petrobras' initial exploration request in 2023, the company presented a revised plan in 2024, which remains under evaluation. IBAMA has requested additional information on Petrobras' strategies for managing potential oil spills in the ecologically rich area.
Brazil’s oil proved reserves stood at nearly 15 Gbl by end-2023 and its resources at 111 Gbl.