BRAZIL · ENERGY
Key Facts
—The package. Petrobras and unit Transpetro will invest more than R$2.8 billion (about US$555 million) in Amazonas state through 2030.
—Where it goes. Roughly R$2.5 billion (about US$500 million) targets new wells at the Urucu gas hub in Coari.
—Shipbuilding. R$303.5 million (about US$60 million) funds 18 barges at the Bertolini yard, supporting some 3,300 jobs.
—The frame. Lula tied the news to a possible Pemex deepwater venture in the Gulf of Mexico, jabbing at Washington.
—Latin American impact. The plan deepens state-led energy ties between Brazil and Mexico as oil regains strategic weight.
President Lula announced more than R$2.8 billion in Petrobras investment in the Amazon on Wednesday, framing the package alongside a possible deepwater partnership with Mexico’s Pemex.
A R$2.8 Billion Push Into Amazonas
Petrobras and its logistics unit Transpetro will invest more than R$2.8 billion, about US$555 million, in Amazonas state through 2030. President Luiz Inacio Lula da Silva announced the plan at a ceremony in Manaus, joined by Petrobras chief Magda Chambriard and Transpetro head Sergio Bacci.
The bulk of the money, about R$2.5 billion or US$500 million, goes to the Urucu hub in Coari. Petrobras will drill new wells and lay around 40 kilometers of connecting lines, in what the company called the first new drilling at Urucu in about a decade.
Urucu is Brazil’s largest onshore oil province and marks 40 years of operation in 2026. Its gas supplies roughly 65 percent of the electricity demand of Manaus and five other municipalities.
Barges, Jobs and the Shipbuilding Bet
A further R$303.5 million, about US$60 million, funds 18 barges at the Bertolini shipyard in Manaus to move marine fuel through Brazilian ports. The company estimates the work supports some 3,300 direct and indirect jobs.
The barges sit within Transpetro’s broader fleet-renewal program. Since the start of the current administration, the unit has ordered 52 vessels under that initiative. The wider plan envisions 96 vessels by 2030.
Lula used the event to defend Petrobras as a development tool. He argued the state can set company priorities while leaving day-to-day management to its board. He also tied local shipbuilding to jobs and technical skills.
Live Company IntelligencePetroleo Brasileiro Petrobras SA ADR — the full investor dossier
The Pemex Frame and the Jab at Trump
Lula linked the announcement to a possible venture with Mexico’s state oil company Pemex in the Gulf of Mexico. He said President Claudia Sheinbaum had called him to propose joint deepwater prospecting. According to Lula, Chambriard will travel to Mexico to discuss it.
He framed the idea as a test of US tolerance. Lula said the partners would go to the Gulf to see whether President Trump would interfere with Petrobras prospecting at 2,500 meters. He cited Trump’s past threats to meddle in Latin American affairs.
The two governments have discussed cooperation on deepwater exploration, refining and gas since early 2026. Technical missions have visited both countries. The Mexican side has so far stopped short of a firm commitment.
Why the Timing Matters for Petrobras Investors
Oil has regained strategic weight amid Middle East tension. That backdrop improves the case for projects once seen as marginal. It also raises the stakes for state oil firms weighing new alliances.
For Petrobras, the Amazon spend signals a return to onshore investment after years of restraint. For the region, closer Brazil-Mexico ties point to a more state-led model of energy cooperation. Whether the Pemex talks advance remains the open question.
More: Brazil news in English, every day from The Rio Times.
Connected Coverage
For the background on the cross-border talks, see our reporting on the Pemex-Petrobras deepwater cooperation framework. For Petrobras’s wider strategy, see our coverage of Brazil’s fuel-tax and oil-revenue debate.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.
Brazil runoff, Sunday, October 25: Brazil runoff: date, poll closing times and when results start. Latest: Brazil runoff polls, Flávio 51%, Lula 49%.
Frequently Asked Questions
How much is Petrobras investing in the Amazon?
Petrobras and Transpetro plan more than R$2.8 billion, about US$555 million, in Amazonas state through 2030. Most of it targets the Urucu gas hub, with a smaller share for shipbuilding.
What is the Urucu hub?
Urucu, in Coari, is Brazil’s largest onshore oil and gas province. Its output supplies roughly 65 percent of the electricity demand in Manaus and nearby municipalities.
What did Lula say about Pemex?
He said Mexico’s Sheinbaum proposed a deepwater venture in the Gulf of Mexico and that Petrobras chief Chambriard would travel to Mexico to discuss it. He framed it as a test of US tolerance.
Is the Pemex partnership confirmed?
No. The two sides have held talks and technical missions since early 2026, but no binding deal has been signed. Mexican officials have signaled openness without a firm commitment.
How many jobs does the barge order support?
Petrobras estimates the 18-barge order at the Bertolini yard supports around 3,300 direct and indirect jobs in Amazonas, at a cost of R$303.5 million, or about US$60 million.