By Brazil Stock Guide – Petrobras (PETR3) has reported an environmental expenditure of approximately $8.6 million for its exploratory drilling project in the Equatorial Margin, as per information obtained by Folha de S.Paulo. This investment encompasses various environmental protection initiatives, including the deployment of monitoring vessels and the establishment of emergency response plans for marine wildlife. The total cost of the drilling operation is estimated at $145 million, excluding environmental expenses and insurance.
The $8.6 million allocated for environmental measures represents about 6% of the total investment, which includes the costs associated with the “Morpho” well, situated in Block FZA-M-59, approximately 175 km off the coast of Amapá. In addition, Petrobras is required to pay $730,000 in environmental compensation, equivalent to 0.5% of the total project cost. These funds will be directed to the Chico Mendes Institute for Biodiversity Conservation (ICMBio), which will allocate them to conservation areas near the drilling site, such as the Cabo Orange National Park and the Costa do Cabo Norte Environmental Protection Area.
Suely Araújo, public policies coordinator at the Climate Observatory, commented on the financial figures, noting that while the environmental budget may seem sufficient, it does not account for the full risks associated with drilling in such a sensitive region. “The cost of 6% for environmental plans is far from excessive, given the risks involved in oil drilling. There is a need for consistent studies to ensure the safety of the operation,” Araújo said. She also argued that more detailed studies should be required, especially regarding oil spill dispersion modeling and the region’s coral reefs. regarding oil spill dispersion modeling and the region’s coral reefs.