Petrobras Targets Q2 Completion for First Equatorial Margin Well as Drilling Progresses

Overview

• Drilling at the Morpho exploratory well is underway with the blowout preventer installed, and Petrobras expects to reach the reservoir in the second quarter of 2026.
• The Morpho well sits about 175 kilometers off the coast of Amapá in the Foz do Amazonas Basin.
• Petrobras describes the Equatorial Margin’s geology as turbiditic, more akin to the Campos Basin than to Brazil’s pre-salt provinces.
• The company cautions that results from a single well will not be conclusive and that the basin’s potential will be evaluated after the planned wells are drilled.
• Regulatory scrutiny continues: Ibama fined Petrobras R$2.5 million for a January 4 spill that the company says involved biodegradable material, and the ANP cited safety procedure failures on the NS ODN-II rig with corrective deadlines and possible additional fines.