Exxon CEO highlights plans for Brazil

March 6, 2020

ExxonMobil CEO Darren W. Woods, during a presentation to investors at the New York Stock Exchange (NYSE), said that the company plans to expand exploratory activity in Brazil this year and in 2021.

He did not give details about the activities, but, as published, the oil company is expected to drill a well in the Titã area, in the Santos Basin this year, which operates with a 64% stake in partnership with QPI Brasil, with the 36% remaining.

In the next years, Exxon is expected to drill wells in blocks SEAL-M-351 and SEAL-M-428, with a view to the expiration of the first and second exploratory periods in the areas. The license application for activities was submitted to Ibama in September last year.

In all, ExxonMobil has filed with Ibama, since 2018, three requests for environmental licenses involving the drilling of 33 wells in the country, 17 in the Campos and Santos Basins, 11 in Sergipe-Alagoas and five more in Campos.

The company has a stake in 29 assets in the country, 19 of them as an operator. In 2019, Exxon purchased blocks in the 16th Round of Concessions (100% in CM-479) and in the first cycle of permanent offer (50% in SEAL-M-505, 575 and 367, as operator), adding more than 450 thousand acres compared to a total of 2.5 thousand acres held in the country.

Woods also mentioned that the development of the first phase of the Bacalhau field (discovery of Carcará), where is a partner with operator Equinor, is progressing within the planned schedule.

Capex

In the world, the American company plans annual investments of US $ 30-35 billion until 2025. This year, the plan is to invest US $ 33 billion.

Source: PetróleoHoje