Petrobras' Environmental Hurdles Lead to Oil Blocks Auction in Brazil

Out of the 172 oil blocks, 47 are at the Foz do Amazonas, where Petrobras, currently carrying a Zacks Rank #3 (Hold),won the exploration deal in 2023 and since then, has been awaiting environmental clearance to drill its first well. These oil blocks are expected to contain the same potential as those in Suriname and Guyana, where Exxon Mobil found billions of barrels of oil. The delay in environmental clearance certainly reduces the attractiveness of these blocks for the auction. You can see the complete li ...