Petrobras Announces Third Oil Discovery at Morpho Well off Amapá
Key Facts
On October 29, Petrobras announced another oil-bearing interval at the Morpho well, describing it as the third discovery in block FZA-M-59 off the coast of Amapá. The company said drilling and geological data collection at the well had been completed, while analysis of the new discovery was still underway. The interval was identified based on electric logs, rock indicators and fluid samples collected during operations. The announcement followed two earlier discoveries that the company said it reported in August and early October 2026. Petrobras did not disclose a recoverable volume, an addition to reserves or any financial impact from the discovery.
The well is in block FZA-M-59 in the Foz do Amazonas sedimentary basin, in waters 2.886 meters deep. Petrobras says drilling data will expand knowledge of the area's exploration potential and provide information to assess the basin's petroleum systems and resource potential. The company said exploration in the block aims to replenish oil and gas reserves by entering new areas and help meet Brazil's energy demand. Petrobras holds a 100% working interest in the block and is its operator. The company secured the block in the eleventh licensing round in 2013.
Petrobras Chief Executive Magda Chambriard said technical persistence had enabled the company to record three discoveries in the same well. She added that this had strengthened the company's optimism about exploration potential along the Equatorial Margin. The company describes the discoveries as a source of data for assessing the area, while analysis of the new interval continues. The first discovery in the block was announced in August, followed by another announcement in early October, before the third interval was identified at Morpho. This sequence places the well within the area's exploration campaign, without by itself establishing the size of the resources or whether they will be added to reserves.
After completing drilling and data collection, the company will end operations at the well by abandoning it, then move the rig to the Potiguar Basin off the state of Rio Grande do Norte. Petrobras said the rig will begin drilling at the Maide Ouro location. A report published by S&P Global on October 5 said the company plans to resume drilling in block FZA-M-59 in the first half of 2027. The report included a plan for three contingent wells aimed at determining the size of the Morpho discovery. This plan represents a later phase of work in the block, after the current rig moves to the Potiguar Basin.
The announcement comes as Petrobras reported average production of 3.512 million barrels of oil equivalent per day in the third quarter of 2026, comprising oil, natural gas liquids and natural gas. Production rose 11.7% from the same period a year earlier and 5.3% from the second quarter of 2026. The company attributed the increase mainly to production efficiency reaching its highest level in 8 years and higher output from the P-78 and P-79 units in the Búzios field. It also cited the Alexandre de Gusmão unit reaching peak production in the Mero field and lower shutdown losses from maintenance work. These are quarterly operating figures, and the company did not link them to production or value from the Morpho discovery.
Petrobras is scheduled to release its third-quarter financial results on November 10, 2026, after market close, according to its filing with the U.S. Securities and Exchange Commission. The company will hold an online results presentation on November 11. In its Morpho announcement, the company did not set a date for completing analysis of the discovery or estimate its size. The next assessment data will be tied to determining the basin's resource potential and petroleum systems. The next announced drilling step is for the rig to move to the Potiguar Basin.