Chevron and ExxonMobil have successfully bid for exploration rights in Brazil’s Foz do Amazonas basin, a focus of environmental concerns in the region.
The auction has raised concerns among indigenous and environmental groups, who argue that oil exploration could harm ecosystems and communities along the Amazon coast.
In a competitive bidding process, two consortia involving Petrobras and ExxonMobil acquired ten blocks, with each company operating five.
Additionally, a Chevron-led consortium, which includes China’s CNPC, secured nine blocks.
The involvement of these major players underscores the basin’s strategic importance, linked to its geological similarities with oil-rich areas in neighbouring Guyana, where ExxonMobil has already made significant discoveries.
The auction’s outcome has been positively received by investors, as evidenced by a more than 2% increase in Petrobras, Chevron and ExxonMobil shares, further buoyed by a surge in global oil prices.
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By GlobalDataBrazil’s Mines and Energy Minister, Alexandre Silveira, hailed the exploration in the Foz do Amazonas as a “winning ticket” for economic growth and poverty reduction in northern Brazil.
Silveira said in a statement: “The interest from the US companies, Chevron and Exxon, which already operate in Guyana, demonstrates that our potential is gigantic.”
Brazil anticipates a windfall of 989m reais ($181m) in signing bonuses from the auction, which also includes blocks in the Santos and Pelotas basins, attracting bids from other industry heavyweights such as Shell, Equinor, Karoon and Dillianz.
Petrobras has long been in the process of securing approvals to drill in the area. Reuters reported that a decision by environmental agency Ibama in May 2025 allowed the company to move a step closer to its target but came with an important caveat for future permits in the area.
