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.

ARTICLE CONTINUES BELOW

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

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

ExxonMobil Remains Interested in the Brazilian Market

Conclusion

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NASA is offering US$ 750,000 to people from anywhere in the world who solve a problem that could decide survival on Mars: creating food for astronauts without relying on resupply from Earth.

Elon Musk’s internet comes to mobile: Starlink technology connects smartphones without an antenna via satellite, works even without carrier signal, already costs just US$10 extra in the US, and could arrive in Brazil as an included benefit.

While countries spend billions to draw water from the sea, a Nobel-winning scientist creates a container-sized machine that extracts up to 1,000 liters per day from dry air and uses ultrasound to release water in minutes, even in the middle of the desert.

After 16 years and almost 600 prototypes, a Chinese inventor unveils the world’s smallest and cheapest manned jet, at just 3.80 meters long and costing US$7.2 thousand in materials.

Belgium will sink 23 giant concrete caissons, each weighing 22,000 tons, in the North Sea to build the world’s first artificial energy island 45 km off the coast, forming offshore electrical walls.

New microwave that can replace three appliances hits the market: Sharp launches 3-in-1 model that combines air fryer, convection oven, and heating in 0.9 cubic feet for small kitchens

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