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Brazil & Southern Cone - July 2025
Brazil pursues oil exploration drive that taints green credentials
The Agência Nacional de Petróleo (ANP), Brazil’s hydrocarbons regulator, held an auction on 17 June and tendered the rights to drill for oil in 34 blocks totaling over 28,000 square km, a total area nearly the size of Belgium. Nine companies, including Brazil’s state-controlled oil company Petrobras and US oil giants Exxon Mobil and Chevron, paid nearly R$1bn (US$180m) for the exploration licences. The oil exploration drive comes with a mix of euphoria and promise of economic prosperity, but also concerns over the misuse of resources and, primarily, the potential environmental impact.
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