President Luiz Inácio Lula da Silva on Wednesday supported the initiative of the state oil company Petrobras to explore the Equatorial Margin, a sensitive marine area from an environmental point of view, stating that Brazil cannot give up this opportunity.
This region, located along the northern coast, is considered Brazil's most promising frontier for oil exploration, since it shares geology with nearby Guyana, where Exxon Mobil is exploiting huge deposits.
“When we start exploring the so-called Equatorial Margin, I think we will make an extraordinary leap in quality,” Lula said at a business forum organized by the FII Institute in Rio de Janeiro. “We want to do everything legally, respecting the environment, but we are not going to waste any opportunity to grow this country.”
Petrobras has been pushing for a license to drill in the northernmost part of the Equatorial Marginnear the mouth of the Amazon River, where scientists have warned of threats to local corals and coastal biomes.
Brazilian environmental agency Ibama denied a drilling license in the area, citing the possible impact on the environment and indigenous peoples.. Petrobras has been waiting for more than a year for a ruling on an appeal.
At the event, Lula also stated that Brazil will reduce its fiscal deficit by increasing revenues and reducing borrowing costs, without reducing public investment capacity. “We are putting the house in order and controlling public finances to guarantee fiscal balance,” said the leftist leader.