Brazil: Offshore Project Exxon Mobil Acquires Interest in Carcara Oil Field

Exxon Mobil has completed the purchase of half of Equinor’s interest in the BM-S-8 block offshore Brazil, which contains part of the 2-billion-barrel, pre-salt Carcara oil field.

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Irving/USA — Production from the field is expected to start in 2023 or 2024. Exxon Mobil and its co-venturers are advancing development activities, including concept selection and finalizing all remaining commercial agreements. Exploration drilling began on the Guanxuma prospect in BM-S-8 on April 25. Brad Corson, president of Exxon Mobil Upstream Ventures, said that the Carcara oil field was an excellent example of the quality resources to be found offshore Brazil. The company now holds a 36.5 % interest in the BM-S-8 block and Equinor holds 36.5 %. Petrogal Brasil and Barra Energia each hold 17 % and 10 %, respectively.

The US-oil company has a 40 % interest in the North Carcara block adjacent to BM-S-8, with co-venturers Equinor (formerly Statoil) and Petrogal Brasil. The block contains the other part of the significant Carcara field. Equinor is the operator of both Carcara North and BM-S-8. Additionally, the company has interests in 24 blocks offshore Brazil, totaling more than 2.1 million net acres.

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