Lula's coalition in turmoil over Petrobras' Amazon project block.

1 min read
Source: Reuters
Lula's coalition in turmoil over Petrobras' Amazon project block.
Photo: Reuters
TL;DR Summary

Brazil's environmental regulator, Ibama, has blocked state-owned oil company Petrobras' Amazon oil project, exposing tensions in President Lula's coalition between green advocates and those prioritizing economic development. The decision has riled some within the governing coalition, but environmental groups celebrated it. Exploration rights in the area were auctioned in 2013, but oil majors BP and TotalEnergies pulled out due to the cost of the off-shore studies and difficulties in obtaining licenses for drilling, while Petrobras kept going. The ruling effectively ends all future development of the unexplored oil prospects at the mouth of the Amazon river.

Share this article

Reading Insights

Total Reads

0

Unique Readers

1

Time Saved

2 min

vs 3 min read

Condensed

84%

59596 words

Want the full story? Read the original article

Read on Reuters