Brazil: Offshore Drilling Exxon Mobil Wins Additional Offshore Rights in Brazil

Exxon Mobil has increased its holdings in Brazil’s pre-salt basins after it won the Titã exploration block with co-venturer Qatar Petroleum.

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Irving/USA — The block awarded added approx. 290 km² to the the company's portfolio, expanding the company’s total position in the country to about 9,300 km². Equity interest in the block will be 64 % for Exxon Mobil and 36 % for Qatar Petroleum. Exxon Mobil will be the operator.

Through the remainder of 2018 and into 2019, the company 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.

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Exxon Mobil subsidiary Exxon Mobil Exploração 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 center operations.

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