Uncategorized

ExxonMobil re-invests in oil exploration in Brazil

9/19/18

Absent from the Brazilian market since 2009, when it returned a promising block, the BM-S-22, the only one of the pre-salt operated until then by a foreign company, ExxonMobil again bets on oil exploration in Brazil. It has invested $ 3.5 billion in the last five years and since last year has bid on five auctions promoted by the National Petroleum Agency (ANP) and acquired 23 areas.

President of the company in Brazil, the Brazilian Carla Lacerda, says that the return of the company is due to the regulatory changes that have occurred in the last two years. In that period, ExxonMobil paid the government R $ 6.7 billion in signature bonus, more than the R $ 6.1 billion paid by Petrobras.

The US company is the world’s largest privately owned oil company with a production of 3.9 million barrels per day and a profit of $ 19.7 billion last year. ExxonMobil has been in Brazil for 106 years. Its effective re-entry in the national market began in 2013, but in a discreet way. In that year, it participated in the 11th Round, partnered with OGX, when the then company of Eike Batista already presented difficulties. In the auction, the two were left with two blocks in deep waters, in the Ceará and Potiguar Basins.

It was from September last year, at the 14th ANP Round, that it became clear that ExxonMobil intends to reclaim lost ground for competitors such as Royal Dutch Shell – the world’s second largest privately owned oil company, producing 2.7 million barrels – that have gained ground in an environment previously dominated by Petrobras.

Carla Lacerda said that the resumption in Brazil is related to the reforms made by the current government in the sector, the adjustments in the local content policy, the extension of Repetro and the ANP rounds, with the adoption of a predictable calendar.

Source: Valor

Categories: Uncategorized

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