Space Industry and Business News
OIL AND GAS
Brazil's new Petrobras chief calls to speed up oil exploration
Brazil's new Petrobras chief calls to speed up oil exploration
by AFP Staff Writers
Rio De Janeiro (AFP) May 27, 2024

The new boss of Brazil's Petrobras said Monday it was crucial that the state-run company "accelerate" oil exploration, including in a controversial offshore basin near the mouth of the Amazon River.

Former regulator Magda Chambriard took over as chief executive of the oil giant on Friday, after left-wing President Luiz Inacio Lula da Silva sacked her predecessor.

In her first press conference, the 66-year-old said exploring "new frontiers" was key to the company's survival, touching on an issue which has divided the Lula administration and infuriated environmentalists.

"This company's exploratory effort ... has to be accelerated," she said.

"The focus is ensuring that Petrobras' oil assets continue to grow. This means it is essential to continue exploring oil off the Brazilian coast. This includes the Equatorial Margin and the Amapa coast," she said.

The Equatorial Margin is a basin near the mouth of the Amazon River, that is considered Brazil's most promising frontier for oil exploration, with studies suggesting it holds massive crude deposits.

It lies near regions in Guyana, French Guiana and Suriname that have recently made major oil discoveries.

However, environmentalists warn of potentially devastating impacts on the ecologically sensitive region.

The project has triggered a battle within the Lula administration and the environmental protection agency, IBAMA, denied Petrobras an exploration license in May last year.

Environmental groups have long opposed crude oil exploration projects in the area where the Amazon meets the Atlantic Ocean, warning that it could pose risks to a freshwater barrier reef discovered there in 2016.

Chambriard said the energy ministry of the world's seventh-largest oil producing country "would love to drill" in this area.

"We need to have authorization to explore. We will have to talk to the Ministry of the Environment and show what Petrobras is offering in terms of environmental care, much more than what the law demands," said Chambriard.

She said the deepwater deposits that Brazil has been exploiting for the past 15 years would reach their peak in 2030.

"We have to be careful with reserves, and imports are out of the question," she said.

Chambriard was appointed after her predecessor Jean Paul Prates was sacked earlier this month following a spat between Petrobras and shareholders over dividend payments.

She is the sixth CEO of the company in under three years, after a turbulent period that included a major corruption scandal in the 2010s.

Related Links
All About Oil and Gas News at OilGasDaily.com

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
OIL AND GAS
Defying protests, TotalEnergies says seeking new oil fields
La Defense, France (AFP) May 24, 2024
The boss of TotalEnergies told shareholders Friday the French energy giant needed to develop new oil fields to meet global demand, as their AGM was picketed by climate activists. Patrick Pouyanne warned that higher oil prices prompted by insufficient fossil fuel output "would quickly become unbearable for the populations in emerging countries, but also in our developed countries". Demand for oil was growing in line with the global population, he said. But Pouyanne also promised that TotalEne ... read more

OIL AND GAS
Cool by design 3D printing

Musk plans largest-ever supercomputer for xAI startup: report

Virginia Tech Engineers Lower Leidenfrost Effect Temperature

Google to invest $2 bn in Malaysia: government

OIL AND GAS
EchoStar secures contract to provide 5G to US Navy and agencies

China launches communication test satellites into medium-Earth orbit

CesiumAstro provides multi-beam Ka-band payloads for Rocket Lab under Tranche 2 contract

Rocket Lab Advances SDA Satellite Program with New Subcontractor Partnerships

OIL AND GAS
OIL AND GAS
Magic Lane secures 3 million euro to enhance location intelligence capabilities

China Encourages BeiDou System Integration in Electric Bicycles

Estonia summons Russian envoy over GPS jamming

OneNav introduces new L5-direct GNSS receiver in response to increased GPS jamming

OIL AND GAS
Electra's hybrid-electric aircraft achieves first ultra-short takeoff and landing

Australian court says ex-US Marine pilot 'eligible' for extradition

What is flight turbulence and why does it happen?

NASA to design sustainable jet engine core

OIL AND GAS
Turning up the heat on next-generation semiconductors

China invests $47 billion in largest ever chip fund

Inside a semiconductor 'clean room' at Japan's top university

Nvidia profits soar on demand for AI power

OIL AND GAS
Macquarie Capital invests in earth resources technology

NASA announces new AI-driven weather, climate modeling tools

EarthCARE satellite to probe how clouds affect climate

NASA, IBM Research to Release New AI Model for Weather, Climate

OIL AND GAS
Philippines deploys river rangers in battle against plastic

Teabags don't readily deteriorate in the environment and impact terrestrial species

Seoul govt finds high levels of toxic chemicals in Shein products

New strategy for removing persistent PFAS contaminants unveiled

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.