By Brazil Stock Guide – Petrobras (PETR4 BZ; PBR US) has submitted additional information to Brazil’s environmental regulator IBAMA as part of its ongoing licensing process to drill three more wells in the FZA-M-59 block, located in the country’s Equatorial Margin, the company said.
The oil major noted that the wells were already included in the original licensing scope for the block. “These three wells were already within the licensing scope of the FZA-M-59 block,” Petrobras said in a statement.
Drilling activity in the block began in October last year with the Morpho well, but operations were halted on Friday (4) following a leak involving biodegradable fluid. The company resumed operations in mid-March after implementing corrective measures.
Chief Executive Officer Magda Chambriard said the disruption has delayed the drilling schedule. The Morpho well is now expected to be completed by mid-June, roughly six weeks later than initially planned.
The latest submission to IBAMA marks another step in Petrobras’ efforts to expand exploration in the Equatorial Margin, subject to environmental approval.