Petrobras could start production at Foz do Amazonas within seven years, CEO says

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Petrobras (NYSE:PBR [https://seekingalpha.com/symbol/PBR]) could start oil and gas production in the Foz do Amazonas basin within seven years [https://www.reuters.com/business/energy/petrobras-could-begin-production-foz-do-amazonas-within-seven-years-says-ceo-2025-10-21/] if large reserves are confirmed, CEO Magda Chambriard told Reuters in an interview Tuesday.

Brazil's Ibama environmental agency Ibama on Monday [https://seekingalpha.com/news/4505743-petrobras-approved-to-start-exploratory-oil-drilling-near-mouth-of-amazon-river] approved Petrobras (NYSE:PBR [https://seekingalpha.com/symbol/PBR]) to drill an exploratory well in the environmentally sensitive area near the mouth of the Amazon River.

"We could delineate the reservoir in about two years and, if it's good enough, we'll be producing in seven or eight years," Chambriard told Reuters.

If the deadline is met, production should start at roughly the same time as Petrobras' (PBR [https://seekingalpha.com/symbol/PBR]) output at Brazil's pre-salt region starts to decline, offsetting the loss, the CEO also said.

The company plans to drill six additional wells in the region, but obtaining a license for them should be easier than for the first one, as most environmental requirements are already met, Chambriard said.

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