ExxonMobil Ends Oil Search In Brazil After Unsatisfactory Results

Written by Paulo Nogueira

Published on 05/04/2023 at 10:09

Updated on 05/04/2023 at 10:17

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ExxonMobil’s Billion-Dollar Bet in Brazil Finds No Significant Oil Reserves

ExxonMobil, one of the largest companies in the oil industry, has decided to end its oil exploration campaign in Brazil. The American giant invested about US$ 4 billion since 2017 in partnership with other companies for drilling in the country’s deep waters, but was unable to find oil reserves in commercially viable quantities. According to sources, after three unsuccessful attempts in 2022, ExxonMobil chose to halt its offshore drilling efforts in Brazil.

ExxonMobil Professionals Relocated to Other Countries

As a result of the suspension of drilling activities in Brazil, ExxonMobil transferred several geologists and engineers working in Rio de Janeiro to other countries, such as Guyana, Angola, and Canada.

Since April 2022, when the last active platform contract expired, the company has not conducted any new bids to hire drilling contractors. Furthermore, ExxonMobil did not participate in the last offshore auction held in Brazil in December.

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ExxonMobil Remains Interested in the Brazilian Market

Despite the negative drilling results, ExxonMobil still sees Brazil as a potential growth market. In December, Darren Woods, the company’s CEO, mentioned Brazil as one of the main “growth opportunities,” alongside projects in Guyana, the Permian Basin in West Texas and New Mexico, and liquefied natural gas exports. According to sources, ExxonMobil does not rule out future projects in the country.

Michelle Gray, ExxonMobil’s spokesperson, stated that the company remains committed to Brazil and maintains exploration activities in the country. The oil giant may still invest in new initiatives in Brazil if it identifies viable opportunities in the oil sector.

Conclusion

ExxonMobil encountered difficulties in its drilling efforts in Brazil, which led the company to cease its activities in the country and relocate its professionals. However, the company does not rule out future investments in Brazil and continues to monitor opportunities in the national oil market.

Information from Portal Terra

https://www.terra.com.br/economia/dinheiro-em-acao/petroleo-exxon-mobil-desiste-de-perfuracoes-no-brasil,fe62bb3ed3204a0f6716c23b5104926b9kfc3zs5.html

ExxonMobil Ends Oil Search In Brazil After Unsatisfactory Results

ExxonMobil’s Billion-Dollar Bet in Brazil Finds No Significant Oil Reserves

ExxonMobil Professionals Relocated to Other Countries

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

ExxonMobil Remains Interested in the Brazilian Market

Conclusion

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ExxonMobil Ends Oil Search In Brazil After Unsatisfactory Results

ExxonMobil’s Billion-Dollar Bet in Brazil Finds No Significant Oil Reserves

ExxonMobil Professionals Relocated to Other Countries

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Conclusion

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Billions of barrels on the equatorial margin could lead Amapá to double its oil production in Brazil — the state wants to enter the route of companies in the Campos Basin, attract investments, and boost jobs and businesses in the oil and gas sector.

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