Petrobras market value tops BRL 700 billion

Petrobras surpassed BRL 700 billion in market value for the first time on Friday, October 2, 2026. The state-run energy producer added BRL 20.9 billion in market capitalization in a single trading session, closing at an all-time high of BRL 700.08 billion. Its previous record of BRL 693.14 billion was set on September 16.

Preferred shares rose 2.81% to BRL 51.17, ranking as the third most traded stock on Brazil's B3 exchange with roughly 67.3 thousand transactions and financial volume of BRL 2.664 billion. Common shares gained 3.25% to end at BRL 56.62. The equity gains diverged from international crude, as December Brent futures slipped 0.06% to $102.25 on the ICE in London.

The rally followed an oil discovery at the Morpho well, identified as 1-BRSA-1405-APS, located in the Foz do Amazonas basin within the Equatorial Margin. The well sits in ultra-deep water at a sea depth of 2,886 meters, 175 kilometers off the coast of Amapá. It marks the company's second discovery in the basin, following an initial find in mid-August.

Magda Chambriard, CEO of Petrobras, stated in a press conference in Rio de Janeiro that drilling is complete and operations have entered post-drilling procedures. Demobilization is scheduled for late October. Magda Chambriard, CEO of Petrobras, noted that the company plans to drill three appraisal wells in the first quarter of 2027 to delineate the discovery, adding that technical details remain confidential under operator rights for up to two years.

Analysts at Ativa Investimentos described the discovery as positive for the long-term thesis but noted it does not alter short-term estimates. The brokerage highlighted that commerciality requires at least seven regulatory and operational steps, including licensing from environmental agency Ibama and assessment plans with the ANP. Ativa noted that time from discovery to first oil in ultra-deep waters typically ranges between five and 10 years, pointing to Guyana's Liza project at four to five years as the most aggressive benchmark.