Brazil's Lula announces new oil and gas drilling in Amazon

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  • Brazil's Lula announces new oil and gas drilling in Amazon
  • Brazil's Lula announces new oil and gas drilling in Amazon

During his visit in Manaus, Brazilian President Luiz Inácio Lula da Silva and state-owned Petrobras announced on Wednesday the resumption of oil and gas drilling at the Urucu hub in the Amazon rainforest.

The Brazilian government announced investments exceeding $2.8 billion in the Amazonas state through 2030, with about $2.5 billion specifically allocated for the drilling of new wells and revitalizing production. Lula has unveiled these moves, along with new offshore exploration in the Amazon's "Equatorial Margin," to secure energy sovereignty and generate revenue to fund the nation's climate transition.

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