French oil giant Total SA said Sept. 28 it has reached an agreement to transfer its equity interest in five exploration blocks in the ecologically sensitive Foz do Amazonas basin to Brazilian state-run oil company Petrobras.
In 2018, Brazilian environmental agency Ibama rejected Total's application for an environmental license to drill in the basin, 120 km (74.56 miles) offshore Brazil, for a fourth time.
Geologists have said the area could contain up to 14 billion barrels of petroleum, more than the entire proven reserves in the Gulf of Mexico.
However environmentalists have tried to prevent oil exploration in Foz do Amazonas after a massive coral reef was discovered nearby.
Total, which had led a group including Britain's BP Plc and Petrobras in buying exploration blocks in the area, said in early September it would resign from its role as operator of the project.
Environmental organization Greenpeace said Sept. 28 that the Amazon river's reef would definitely be spared if BP and Petrobras also exit the project.
Recommended Reading
Predictions 2025: Downward Trend for Oil and Gas, Lots of Electricity
2025-01-07 - Prognostications abound for 2025, but no surprise: ample supplies are expected to keep fuel prices down and data centers will gobble up power.
Dallas Fed: Trump Can Cut Red Tape, but Raising Prices Trickier
2025-01-02 - U.S. oil and gas executives expect fewer regulatory headaches under Trump but some see oil prices sliding, according to the fourth-quarter Dallas Fed Energy Survey.
TXO Announces 3 Tcfe NatGas Potential in San Juan Basin
2025-01-16 - TXO Partners plans to exploit a 3,520-acre play as Phase 1 development in the Mancos Shale.
Tamboran, Santos Agree to Study Possible Darwin LNG Expansion
2025-01-23 - Tamboran Resources Corp. and Santos Ltd. entered a memorandum of understanding for technical studies, which could lead to a 6 mtpa expansion of Darwin LNG.
Vår Energi Makes Third Oil Discovery in Barents Sea
2025-02-27 - Vår Energi has discovered a third offshore oil reserve in the Goliat area of the Norwegian Continental Shelf as part of an exploratory collaboration with Equinor.