The Equatorial Margin offshore Brazil, which includes Foz do Amazonas, Pará-Maranhão, and Barreirinhas basins, is estimated to hold large oil and gas reserves and is believed to share geology similar to that of Guyana’s offshore, where Exxon is finding billions of barrels of oil and has developed and is developing half a dozen projects. Petrobras is appealing Ibama’s decision to not grant drilling rights. However, this decision may spook potential candidates for the blocks, according to a local analyst.
