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After Acquiring Three Blocks at Last Tuesday’s Auction (09/10), ExxonMobil Already Plans to Drill Its First Wells in the Promising Sergipe Basin
Just after ExxonMobil, the Leader of the Consortium with Enauta and Murphy Oil, Acquiring Three New Concessions in the Sergipe-Alagoas Basin, at the permanent offering auction organized by the National Oil Agency (ANP) last Tuesday, the company has already announced its intention to start drilling its first wells in the deep waters of the region starting in 2020.
It is worth noting that the Sergipe-Alagoas Basin holds the largest Brazilian reserves since the discovery of the pre-salt and is a key piece in the government’s planning to boost the New Gas Market program.
With the new acquisitions in the Sergipe-Alagoas Basin, ExxonMobil (50%), Enauta (30%), and Murphy Oil (20%) now together have nine blocks in the region, matching Petrobras.
Last month, Enauta had already informed that a drilling program in the basin is planned to start from the second half of 2020.
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Promising Basin
In June, Petrobras announced the largest discovery after the pre-salt in the Sergipe-Alagoas Basin, involving six exploratory blocks (Cumbe, Barra, Farfan, Muriú, Moita Bonita, and Poço Verde) and the first oil is expected in 2023.
To raise funds to carry out the necessary investments in the basin, the company is divesting some of its stakes in the region.
With ExxonMobil making the Sergipe-Alagoas Basin its main focus in Brazil, everything suggests that explorations in the region will proceed at an accelerated pace, especially due to the high level of interest that the assets are generating in other market companies.
Enauta (formerly Queiroz Galvão Exploration and Production) has been in the region since 2015 when it acquired two concessions there, in the 13th Round of exploratory blocks by the ANP.
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