LatinNews Daily - 01 August 2022

* Brazil’s state-controlled oil company, Petrobras, has announced that it expects to begin new drilling operations in the northeastern Equatorial Margin area in November. The company’s director of exploration and production, Fernando Borges, said that the process for obtaining a licence for drilling in the Amazonian region is advancing and said he expects the environmental protection agency (Ibama) to approve Petrobras’s plans by October. Oil drilling in the Equatorial Margin, which borders Suriname and French Guiana, is deeply controversial. Petrobras already operates blocks in the Barreirinhas and Potiguar basins, and the company’s 2022-2026 business plan sets out its objective of drilling 14 new exploration wells in the region. Studies have indicated that the region shares geological similarities with Suriname, where major oil discoveries have been made in recent years, but the oil sector’s expansion in the area is complicated by its ecological sensitivity and the risk of cross-border oil spills.

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