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Adds more than 71,500 net acres to ExxonMobil’s deepwater portfolio
offshore Brazil
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ExxonMobil is one of Brazil’s largest acreage holders among
international companies
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Work underway on regulatory requirements in preparation for drilling
by 2020
ExxonMobil
has increased its holdings in Brazil’s pre-salt basins after it won the
Titã exploration block with co-venturer Qatar Petroleum during Brazil’s
5th pre-salt bid round.
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ExxonMobil's acreage in Brazil. (Graphic: Business Wire)
The block awarded added more than 71,500 net acres to the ExxonMobil
portfolio, expanding the company’s total position in the country to
approximately 2.3 million net acres.
“With the acquisition of this block, we continue to increase our
holdings in Brazil’s pre-salt basins, which are high-quality
opportunities that enhance ExxonMobil’s global portfolio,” said Steve
Greenlee, president of ExxonMobil Exploration Company. “These resources
will benefit from ExxonMobil’s considerable capabilities, which we will
employ as we explore and develop them with our co-venturers and the
government.”
Equity interest in the block will be 64 percent for ExxonMobil and 36
percent for Qatar Petroleum. ExxonMobil will be the operator.
Through the remainder of 2018 and into 2019, ExxonMobil will continue to
obtain 3-D seismic coverage, as well as continue to progress work on
regulatory requirements for exploration drilling by 2020. Development
work is also ongoing in the Equinor-operated Carcara field, which
contains an estimated recoverable resource of more than 2 billion
barrels of high-quality oil.
ExxonMobil subsidiary ExxonMobil Exploração Brasil Ltda. has interests
in a total of 26 blocks offshore Brazil and is operator of 66 percent of
its net acreage. The company has had business activities in Brazil for
more than 100 years and has about 1,300 employees in the country across
its upstream, chemical and business service center operations.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and gas
company, uses technology and innovation to help meet the world’s growing
energy needs. ExxonMobil holds an industry-leading inventory of
resources, is the largest refiner and marketer of petroleum products,
and its chemical company is one of the largest in the world. For more
information, visit www.exxonmobil.com
or follow us on Twitter www.twitter.com/exxonmobil.
Cautionary Statement: Statements of future
events or conditions in this release are forward-looking statements.
Actual future results, including project plans and schedules and
resource recoveries could differ materially due to changes in market
conditions affecting the oil and gas industry or long-term oil and gas
price levels; political or regulatory developments including obtaining
necessary regulatory permits; reservoir performance; the outcome of
future exploration and development efforts; technical or operating
factors; the outcome of commercial negotiations; and other factors cited
under the caption “Factors Affecting Future Results” on the Investors
page of our website at exxonmobil.com. References to “resources” in this
release include quantities that are not yet classified as proved
reserves under SEC rules but that we believe will be produced in the
future and moved into the proved reserve category.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180928005401/en/
Copyright Business Wire 2018
Source: Business Wire
(September 28, 2018 - 11:40 AM EDT)
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