Petrobras' investments in exploration activities planned for the next five years are around USD 6 billion, with a main focus on sustainability, both economic and environmental. The company's strategy favors its new exploration projects, such as those that will be implemented in the Brazilian Equatorial Margin and in the Tayrona block, in Colombia, the latter focused on gas production. This information was presented by Petrobras’ Chief Exploration and Production Officer, Fernando Borges (photo), in his participation in the panel called “Latin American Upstream: Competitiveness in global markets”, presented this Tuesday (March 7), at CERAWeek 2023, one of the largest oil and gas fairs in the world, based in Houston (USA).

The start of the exploration phase on the Equatorial Margin, which stretches from Amapá to Rio Grande do Norte, is awaiting licensing from IBAMA, which may take place in the first quarter of this year. “The Equatorial Margin represents a promising prospect for us, as well as an asset that could contribute to the country’s energy security”, declared Fernando Borges. Petrobras expects to invest USD 2.9 billion in the Equatorial Margin in the coming years, which represents 49% of the total that will be invested in exploration activities.

Another priority area for Petrobras, mentioned by Fernando Borges at the event, is the Tayrona block, in Colombia. The officer explained that the company found natural gas at the site, through the exploratory well Uchuva-1, drilled in deep waters off Colombia, 32 km from the coast and 76 km from the city of Santa Marta, in a water depth of approximately 830 meters. Petrobras is the operator of the block (44.44% stake), in partnership with Ecopetrol, with a 55.56% stake.

The panel on which Fernando Borges was a member addressed the challenges of the energy industry in Latin America, such as increased competitiveness and the growing need for carbon reduction by energy companies in the global market, among other topics.