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

The oldest tree in the world, alive since before the birth of Jesus Christ, is cut down in a scientific study and the case changes environmental preservation rules.

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

While in Brazil a 10-story building takes 2 years to complete, in China a company stacks pre-fabricated modules and raises the entire building in just 28 hours and 45 minutes.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

With 7.4 trillion tons of artificial snow pumped in 10 years, an extreme operation could stabilize the West Antarctic ice sheet and prevent a sea level rise of more than 3 meters, but it would require snow cannons, ocean water, and energy on an almost industrial scale at the end of the world.

Peru built a tunnel at an altitude of 4,738 meters cutting through the Andes Mountains, and the road leading to it reaches 4,818 meters, making it the highest paved road in the entire world.

Petrobras completes 1,300 hours of work and 15 km of subsea lines to connect the Búzios 90 well to the P-79 — the platform is ready to produce 180,000 barrels per day and is just awaiting ANP approval.

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From space, a geological “target” of 5.5 km embedded among the red canyons of Utah has challenged scientists for decades and may hide the mark of a colossal impact that has never been fully explained.

The Federal Institute offers more than 500 vacancies in free technical courses in Construction, Electrical Engineering, Nursing, Mechanics, Chemistry, Occupational Safety, and much more; the opportunities are offered by IFFluminense, in RJ.

Petrobras completes 1,300 hours of work and 15 km of subsea lines to connect the Búzios 90 well to the P-79 — the platform is ready to produce 180,000 barrels per day and is just awaiting ANP approval.

Vietnam opens its market to Brazilian beef calves and grants access to a destination that has already imported over US$ 3.5 billion from the national agribusiness, expanding exports, reducing waste, and boosting slaughterhouses across the country.

Brazil consolidates itself as one of the signatory countries of the Artemis program and strengthens its partnership with NASA in projects related to food production, lunar research, and space technology, focusing on the upcoming crewed missions to the Moon.