Published Thursday, 29 October, 5:55 p.m. ET · Source: Petrobras news agency, 29 October 2026
Brazil’s state oil giant has hit oil for the third time in one well, deep under the Atlantic off the Amazon coast. It is still silent on how much oil there is.
Key Facts
- What happened. Petrobras found a third oil-bearing layer in its Morpho well, announced on Thursday, 29 October 2026.
- Where. Block FZA-M-59, off Amapá state, in 2,886 metres (about 9,470 feet) of water.
- Still unknown. Petrobras has not published volumes, oil quality or whether the find can be sold at a profit.
- Next. The rig leaves for the Potiguar Basin; the first test is how Petrobras’s New York-listed shares (PBR) open on Friday.
- Power Index Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 75.0 points (October 2026 edition).
Petrobras, Brazil’s state-controlled oil company, said on Thursday that it found another oil-bearing interval in the Morpho well, the third in the same hole. The company announced the find on Thursday evening, after US markets had closed.
The well sits in the Amazon Mouth Basin, known in Portuguese as Foz do Amazonas, part of the Equatorial Margin, the oil-rich seabed along Brazil’s northern coast, off Amapá state in the far north of Brazil. It is the most closely watched oil frontier in Brazil’s economy, the largest in Latin America.
Earlier finds were announced in August and on 2 October, as we reported in Petrobras Finds More Oil in Brazil’s Amazon Mouth Basin.
Why Three Finds in One Well Matter
Each find is a separate layer of rock that holds oil. Petrobras kept evaluating other layers of interest after the first two results, and the extra work paid off.
“Our technical persistence allowed three discoveries in the same well, which leaves us even more optimistic about the exploratory potential of the Equatorial Margin,” said Magda Chambriard, Petrobras’s chief executive. She also pointed to the company’s strong third-quarter operating results, released on Wednesday.
Drilling began almost a year ago in very deep water with strong currents. Industry watchers see the basin as a possible twin of Guyana, the small South American country that became an oil producer within a few years of its first big find.
In Plain English
A discovery means the drill hit rock with oil in it. It does not mean the oil can be pumped at a profit.
Ibama is Brazil’s federal environment agency, and it issues the drilling licences.
What Petrobras Has Not Said
The company gave no figure for the size of the new find. It also gave no data on oil quality, flow rates or cost.
Drilling and data collection are finished. Crews will now plug and seal the well, a standard step known as abandonment, and the rig will move to the Potiguar Basin off Rio Grande do Norte state to drill a site called Mãe de Ouro.
Three more wells are planned in the Amazon Mouth block to measure the find, and Ibama has cleared them, as we reported in Ibama Clears Three More Petrobras Wells.
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What It Means for US Readers
Petrobras trades in New York as PBR. Its American depositary receipts, which are US-listed shares backed by Brazilian stock, closed on Thursday at US$21.90, down 0.6%, before the news broke.
Friday’s open will show how investors weigh a third find without any volume numbers. Oil from this frontier is years away, so the story is about Brazil’s long-term reserves, not next quarter’s output.
Brazil already pumps record volumes, as our report on Petrobras’s record quarter shows. A new basin would add supply later in the decade, if the oil proves commercial.
What Is Not Known
Volumes, oil quality and commercial viability are unknown, and no date has been given for lab results.
Frequently Asked Questions
Did Petrobras find a commercial oil field?
Not yet. Petrobras has confirmed three oil-bearing layers but has published no volumes or commercial assessment.
Where is the Morpho well?
It is in block FZA-M-59 off Amapá state, in northern Brazil. The water there is 2,886 metres deep.
Sources: Petrobras news agency release, 29 October 2026; New York Stock Exchange closing price, 29 October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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