Petrobras seeks new reserves as pre-salt nears 2035 peak

Petrobras president Magda Chambriard stated the company is actively replenishing reserves as pre-salt output approaches its expected 2035 peak, highlighting a relevant light-oil discovery in the Foz do Amazonas Basin. The statement signals a strategic shift toward frontier exploration to offset future decline, though the commercial viability of the Amazon discovery remains unproven. This matters for Brazil's long-term oil output trajectory and Petrobras' reserve replacement strategy.