By Brazil Stock Guide – Petrobras (PETR4 BZ; PBR US) said it has not yet resumed drilling operations at the Morpho well in Brazil’s Equatorial Margin, despite receiving clearance from the National Agency of Petroleum, Natural Gas and Biofuels (ANP) on Tuesday (4). The state-controlled oil producer said it is currently mobilizing to restart activities.
In a statement, the company said it has begun operational preparations following the regulator’s authorization. “Petrobras has initiated preparations for the resumption of operations at the Morpho well, in the Equatorial Margin, subject to compliance with ANP recommendations and after providing all clarifications requested by the regulatory agency,” the company said.
Petrobras added that it is operating in accordance with regulatory requirements. “Petrobras operates in full compliance with current regulatory requirements, providing all necessary clarifications to the competent authorities and strictly meeting all demands from these bodies,” the statement said.
Operations at the Morpho well were suspended after a drilling fluid leak. According to the company, the incident posed no environmental risk. Drilling activities, which began in October last year, were halted for about one month, affecting the initial schedule.
The original plan projected a five-month drilling campaign, with completion expected in March. The interruption delayed that timeline.
Brazil’s environmental agency Ibama imposed a fine of 2.5 million reais ($500,000) on Petrobras over the leak. The company is expected to appeal the penalty.