ExxonMobil increases acreage in Brazil’s pre-salt basins

ExxonMobil increases acreage in Brazil's pre-salt basins

9:45 AM, 29th September 2018
ExxonMobil logo

IRVING, US: ExxonMobil has increased its holdings in Brazil’s pre-salt basins after it won the Tita exploration block with co-venturer Qatar Petroleum during Brazil’s 5th pre-salt bid round.

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.

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 Exploracao 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 centre operations.

“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. 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,” said Steve Greenlee, president of ExxonMobil Exploration Company.

© Worldofchemicals News

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


BASF to increase paper wet-end, water chemicals prices in EMEA

LUDWIGSHAFEN, GERMANY: BASF has decided to increase prices for paper wet-end and water chemicals in the EMEA region (Europe, Middle East and Africa), ...

Read more
Huntsman launches new DaltoPIR technology in India

MUMBAI, INDIA: Huntsman has launched its DaltoPIR technology, a PIR-based insulation technology, designed to improve the production and performance of ...

Read more
Sika opens new automotive factory in Mexico

BAAR, SWITZERLAND: Sika AG is adding strength and capacity to its Mexican product supply chain in the Automotive sector with the opening of a new manu ...

Read more
Dunlop, BASF unleash the performance within tennis rackets

SINGAPORE: Modern day tennis players tend to play with more spin and as a result, hit the ball out of the top of the racket rather than the centre. Th ...

Read more
Archroma introduces new solutions for enhanced packaging

REINACH, SWITZERLAND: Archroma has introduced its new Cartastrength DST.03 for stronger packaging and tissue papers and improved stickies management d ...

Read more
BASF increases price for PCE based polymers

TROSTBERG/MANNHEIM, GERMANY: BASF said that it is increasing prices for their polycarboxylate ether (PCE) based polymers for concrete admixtures in Eu ...

Read more
www.worldofchemicals.com uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X