Lula calls oil near the Amazon River a passport to Brazil’s future after Petrobras strikes new find
Summary
Brazil’s President Luiz Inácio Lula da Silva visited a Petrobras offshore drilling vessel after the company announced it found oil near the mouth of the Amazon River. He said this discovery could be a key to Brazil’s future but also emphasized the country’s commitment to developing renewable energy and biofuels.Key Facts
- Petrobras found hydrocarbons during exploratory drilling about 180 kilometers off the coast of Amapa state.
- The drilling took place in the Equatorial Margin, known for significant oil and natural gas reserves.
- Preliminary estimates suggest the basin could hold up to 10 billion barrels of oil, worth around $720 billion.
- Environmental and Indigenous groups have sued to stop exploration, citing lack of proper consultation and environmental risks.
- Petrobras says it has never caused oil spills in its drillings.
- Lula supports both oil drilling and the transition to renewable energy like biofuels.
- Commercial drilling in the area may still take up to ten years to become feasible due to further research needs.
- Lula’s announcement came as he began his campaign for a fourth term as president.
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