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Adds more than 88,900 net acres to ExxonMobil’s deepwater portfolio
offshore Brazil
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Company now has interests in a total of 25 blocks
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Seismic data acquisition planned for more than 7,500 square miles in
2018
ExxonMobil
has increased its holdings in Brazil’s pre-salt basins after winning the
Uirapuru exploration block with co-venturers Equinor and Petrogal Brasil
during Brazil’s 4th pre-salt bid round.
The block awarded adds about 88,900 net acres to the ExxonMobil
portfolio, expanding the company’s total position in the country to more
than 2.2 million net acres.
“Uirapuru is a uniquely valuable block that represents tremendous
opportunity for us,” said Steve Greenlee, president of ExxonMobil
Exploration Company. “Brazil continues to represent a key investment for
ExxonMobil, and we look forward to exploring and developing its
world-class resources with our co-venturers and the government.”
Petrobras exercised its right to enter in the consortium and will be the
operator. Equity interest in the Uripuru block will be 30 percent for
Petrobras, 28 percent for ExxonMobil, 28 percent for Equinor and 14
percent for Petrogal Brasil.
ExxonMobil plans to obtain seismic coverage in 2018 on more than 7,500
square miles. 3-D seismic survey work is already underway on two blocks
in the Northern Campos area offshore Brazil. Preparations are under way
to obtain the necessary approvals to commence drilling activities.
Development plans are also under way in the Equinor-operated Carcara
field, where drilling began in late April. The Carcara field contains an
estimated recoverable resource of more than 2 billion barrels of
high-quality oil.
ExxonMobil now has interests in a total of 25 blocks offshore Brazil.
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; reservoir
performance; the outcome of future exploration and development efforts;
technical or operating factors; 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
“recoverable 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/20180607005784/en/
Copyright Business Wire 2018
Source: Business Wire
(June 7, 2018 - 10:43 AM EDT)
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