At the end of 2025, Brazil is reported to have experienced a decade of stagnation in its search for new oil reserves. This stagnation is attributed to a combination of falling international crude prices and significant hurdles in obtaining necessary environmental permits. Despite government efforts to open areas in unexplored basins for energy exploration, the expectation is that activities will remain slow due to the anticipation of cheap oil in the markets.

Exploration represents a crucial phase for oil companies as they seek to validate the presence of oil deposits beneath the surface. This process involves conducting seismic surveys, which act as an ultrasound of the underground, helping to identify potential reservoir structures. Following this, drilling operations are required to reach these targets to confirm the presence of oil or gas. Currently, Petrobras is actively engaged in this exploration phase in the Foz do Amazonas basin, although it has faced challenges related to its environmental licensing procedures.

The implications of this stagnation are profound for Brazil's energy sector, as the prolonged inactivity in oil exploration may hinder the country's long-term energy independence and economic growth. With the ongoing global transition towards renewable energy, Brazil's reliance on oil and gas may need reevaluation, particularly as companies navigate both economic pressures and environmental compliance in the coming years.