By Brazil Stock Guide – Eneva SA (B3: ENEV3) notified Brazil’s oil regulator of possible hydrocarbon indications at the AM-T-85 onshore block in Amazonas state, where the company produces natural gas for power generation.
The notification was submitted to the ANP, Brazil’s National Agency of Petroleum, Natural Gas and Biofuels, last week, Valor Econômico reported. Eneva did not respond to a request for comment before the original report was published.
Only Well Started This Year
Drilling at the 1-ENV-60D-AM well began in July. It was the only well where Eneva started drilling in 2026, according to the report.
The company acquired the AM-T-85 block at an auction in 2020. The asset is part of the Azulão Oeste development area, where previous discoveries have already been declared commercially viable to the ANP.
A declaration of commerciality signals that an oil or gas discovery is considered economically viable for production.
Gas-to-Power Expansion
Eneva’s operations in the region are based on extracting natural gas and using it to supply thermal power plants.
The company started commercial operations at the Azulão I plant in July. Azulão II is expected to begin operating by mid-2027, expanding Eneva’s gas-fired generation capacity in Amazonas.
The potential hydrocarbon indications at AM-T-85 could add to the company’s resource base in an area already linked to its power-generation infrastructure. The notification, however, does not amount to confirmation of a commercially recoverable discovery.
Petrobras Previously Held the Block
Petroleo Brasileiro SA, or Petrobras (B3: PETR3, PETR4), previously held the AM-T-85 concession after acquiring it at a 2008 auction alongside Petrogal.
Petrobras owned 60% of the consortium, while Petrogal held the remaining 40%. The partners returned the block to the ANP in 2015.
The regulator offered the area again in 2020 during the second cycle of Brazil’s permanent concession offer, when Eneva acquired the asset.
Exploration Activity in Northern Brazil
Eneva’s notification came around the same time Petrobras disclosed “indications of hydrocarbons” at the FZA-M-59 block in the Foz do Amazonas Basin, off Amapá state.
Petrobras Chief Executive Officer Magda Chambriard confirmed on Monday (17) that oil had been identified at the Morpho well, where drilling began in 2025.
The two projects are in different exploration environments. Eneva’s AM-T-85 block is an onshore asset in Amazonas, while Petrobras’ FZA-M-59 block is located offshore in the Foz do Amazonas Basin.
Leave a Reply