Brazil: Exploration Blocks Exxon Mobil Becomes One of the Largest Acreage Holders in Brazil

With an addition of more than 640,000 net acres post the win of eight deepwater blocks in the latest Brazil bid round, the company has achieved more than two million net acres for its deepwater portfolio offshore Brazil.

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Texas/USA – Exxon Mobil 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 company’s portfolio. Six of the eight newly awarded blocks will be operated by Exxon Mobil. 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.

Exxon Mobil and its partners jointly won a total of eight blocks, which include: Two blocks in the Santos area which Exxon Mobil will operate with partner Qatar Petroleum; four blocks in the Campos area: The company will operate two blocks with partners Petrobras and Qatar Petroleum; Petrobras will operate two blocks with partners Exxon Mobil and Statoil; Two blocks in the Sergipe-Alagoas area which Exxon Mobil 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.

The company plans to obtain 3-D seismic coverage in 2018 on more than 4,000 square kilometers, including all of the Exxon Mobil-operated exploration blocks announced in 2017, subject to permitting approvals. The company now has interests in 24 blocks offshore Brazil.

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