ExxonMobil Wins Eight Deepwater Blocks in Latest Brazil Bid Round

  • ExxonMobil now one of Brazil’s largest acreage holders among international companies
  • Adds more than 640,000 net acres to ExxonMobil’s deepwater portfolio offshore Brazil
  • Seismic data acquisition planned in 2018 for operated blocks announced in 2017
Mar 29, 2018 - 02:01 PM EDT

Dateline:

IRVING, Texas

Public Company Information:

NYSE:
XOM

IRVING, Texas--(BUSINESS WIRE)--ExxonMobil has increased its holdings in Brazil’s pre-salt basins after winning eight additional exploration blocks during Brazil’s 15th bid round. The blocks awarded add about 640,000 net acres to the ExxonMobil portfolio. Six of the eight newly awarded blocks will be operated by ExxonMobil.

The additional blocks expand the company’s total position in the country to more than two million net acres, making it one of the largest acreage holders among international companies in Brazil.

“These recent bid round results add highly prospective acreage to ExxonMobil’s deepwater portfolio that we will explore and develop with our partners,” said Steve Greenlee, president of ExxonMobil Exploration Company. “This acreage in Brazil’s pre-salt play will provide excellent opportunities to deploy our deepwater expertise. We will continue working with the government to develop these world-class resources for the benefit of Brazilians for many years to come.”

ExxonMobil and its partners jointly won a total of eight blocks, which include:

  • Two blocks in the Santos area which ExxonMobil will operate with partner Qatar Petroleum.
  • Four blocks in the Campos area: ExxonMobil will operate two blocks with partners Petrobras and Qatar Petroleum; Petrobras will operate two blocks with partners ExxonMobil and Statoil.
  • Two blocks in the Sergipe-Alagoas area which ExxonMobil will operate with partners Queiroz Galvão Exploração e Produção (QGEP) and Murphy Oil Corporation, and which will enhance the value of adjacent blocks already held.

ExxonMobil plans to obtain 3-D seismic coverage in 2018 on more than 4,000 square kilometers, including all of the ExxonMobil-operated exploration blocks announced in 2017, subject to permitting approvals.

The company now has interests in 24 blocks offshore Brazil. ExxonMobil has worked in Brazil for more than 100 years.

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Cautionary Statement: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans and schedules 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; and other factors cited in under the caption “Factors Affecting Future Results” on the Investors page of our website at exxonmobil.com.

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