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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Desert sand, previously discarded for being too smooth for concrete, becomes an ecological brick in the United Arab Emirates, dispensing with Portland cement, curing at room temperature, and attempting to transform dunes useless for construction into raw material for a new arid engineering.

He transformed an abandoned plastic water tank into an underground house in the “hobbit hole” style, using only repurposed pallet wood, without heavy machinery or expensive labor.

China transforms desert-devastated area into the world’s largest artificial forest, planting trees for 60 years, blocking sand that reached Beijing, and creating a “green lung” of 92,000 hectares in a region once considered lost.

Toyota launches “family hybrid van” with 7 or 8 seats, 1.8 hybrid engine, fuel consumption of up to 23.8 km/l, and a price equivalent to about R$ 104,000 without taxes, below the Tiggo 8 Pro Plug-in Hybrid sold in Brazil: meet the Noah Hybrid 2026 in Japan.

Chinese woman planted trees for decades while sand buried part of her house, received $5,000 from an American in 1999, and helped transform the desert into a forest of 8 million trees in China.

Described by astronauts as one of the most unlikely natural phenomena on Earth, the Okavango Delta spreads over up to 15,000 square kilometers in the middle of the desert and transforms Botswana into a living labyrinth of channels, islands, and flooded areas.

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