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[BUSINESS] · Brazil · 31 sources

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Petrobras hits record R$ 700 billion market value after oil discovery

Petrobras reached a record market value of R$ 700.08 billion on the B3 exchange on Friday, October 2, 2026. This milestone follows the announcement of a second ultra-deepwater oil discovery in the Morpho well, located in the Foz do Amazonas Basin on Brazil's Equatorial Margin.

Petrobras president Magda Chambriard stated that the discovery increases expectations for opening a new exploratory frontier in the country. An Energy Research Company (EPE) study estimates the recoverable potential of the Foz do Amazonas Basin could reach up to 10 billion barrels of oil equivalent.

Despite the financial surge, the company faces legal challenges. The Federal Public Ministry (MPF) has requested the suspension of Petrobras' environmental license for exploration in the basin via the TRF1. The MPF cited environmental concerns, including a chemical fluid leak in January, and a lack of prior consultation with indigenous and local communities.

Entities

B3 · Empresa de Pesquisa Energética · Foz do Amazonas Basin · Magda Chambriard · Ministério Público Federal · Petrobras

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