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After Securing 14 Exploration Blocks in Our Country at the Last Auctions, Exxon May Take Brazilian Oil to Another Level.
Exxon Mobil has been having some small operational stakes in Brazil quite modestly, with only two concession areas in the Northeast, but it has finally decided to expand its portfolio of activities in the country and try its luck in the oil auctions that have been taking place here in recent months. It has mainly aimed at the potential discoveries that the pre-salt can provide to the company.
First, Understand the Numbers
To be part of the asset in Carcará (block BM-S-8), which is in the pre-salt in the Santos Basin, the company had to release about US$ 1.8 billion. This amount includes a payment to Statoil of US$ 1.4 billion, which holds 40% of the concession; the remaining US$ 366 million is the signing bonus from the North side of this asset that has yet to be explored. R$ 1.9 billion will be disbursed for another 10 exploratory blocks acquired in September during the 14th round of auctions promoted by ANP.
According to Exxon’s estimates, the Carcará area has about 2 billion barrels of top-quality oil. Jeffrey Woodbury, the company’s chief multinational relations executive, stated that the company is very optimistic about its recent purchase, affirming that they have had their eye on the Santos Basin for quite some time.
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2018 Marks the Beginning of Exxon’s Activities – Exxon now holds half of the exploration partnership in ultra-deep waters with Petrobras, meaning both hold 50% in six concessions in the Campos Basin for newly discovered pre-salt exploration. Exxon reports that operations will begin in 2018. They are already looking at where their strategic base will be, with two strong candidates being Macaé and/or São João da Barra, in Açu, followed by seismic operations in the auctioned areas to start drilling operations in 2019. So get ready because there will be plenty of job openings. [supystic-social-sharing id=’1′]
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