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25 Dec 2023

Brazil's Petrobras Starts Drilling 'Equatorial Margin' Well

25 Dec 2023  by reuters   

A logo of Brazil's state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes/File Photo Acquire Licensing Rights
Brazilian state-run oil company Petroleo Brasileiro (PETR4.SA) on Saturday said it started drilling of the Pitu Oeste well, which marks the resumption of the company's efforts to explore oil and gas on the so-called "Equatorial Margin."

The Equatorial Margin region extends along the Brazilian coast from the state of Rio Grande do Norte to Amapa, according to Petrobras, as the company is known.

The drilling of the well, located 53 kilometers (33 miles)off the coast of Rio Grande do Norte, will take three to five months.

Through the Pitu Oeste well, Petrobras hopes to obtain more geological information about the area, which will allow the company to confirm the extension of the oil discovery made in 2014.

Petrobras said in October it received an operating license to drill two wells in deep waters on the Brazilian Equatorial Margin from environmental agency Ibama.

Under Petrobras' 2024-2028 strategic plan, the company foresees an investment of $ 3.1 billion for oil and gas research in the Equatorial Margin, where the company hopes to drill 16 wells during this period.

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