The Brazilian Petroleum and Gas Institute (IBP), the main representative entity for the oil, gas, and biofuels sector, highlighted the importance for Brazil of the environmental license granted by Ibama to Petrobras to drill an exploratory well in block FZA-M-059, located in deep waters off the state of Amapá, about 500 km from the mouth of the Amazon River and 175 km off the coast, in Brazil’s Equatorial Margin.

“This is an important decision that will allow the country to better understand the potential of its reserves, supporting energy security and the socioeconomic development of the Northern Region,” said IBP President Roberto Ardenghy.

The license is a positive step for the country to confirm the presence of oil and natural gas in the region and assess its economic viability. IBP considers it essential to develop exploration activities in new frontiers such as the Equatorial Margin, given the natural production decline expected from Brazil’s two main producing basins — Campos and Santos — starting in the 2030s. According to a study by EPE, these regions will face a natural decline in output, making reserve replacement a strategic necessity. The Equatorial Margin is estimated by ANP to hold a potential of 30 billion barrels of oil equivalent.

IBP reiterated that the development of such activities must always take place with full safety and respect for the environment. Brazil’s oil and gas industry has a strong track record of safe operations that meet all the strict technical and safety requirements established by regulatory and environmental authorities and is internationally recognized for it.

Confirming the region’s potential would bring major socioeconomic benefits to Brazil, including job creation, income generation, and improved quality of life. It would also result in a significant increase in royalties, special participation fees, and tax revenues, which currently total around BRL 300 billion per year, potentially to be invested in essential public policies. The oil and gas industry is a key driver of the national economy, accounting for about 17% of Brazil’s industrial GDP, with estimated investments of around US$165 billion in the country and an average of nearly 400,000 jobs projected through 2034.