Exxon Mobil not quitting exploration in Brazil

(Reuters) – Exxon Mobil Corp (XOM.N) is not giving up on oil exploration in Brazil, the company’s country chief Alberto Ferrin said on Monday during the Offshore Technology Conference (OTC) in Houston.

“I would say very crystal clear that Exxon Mobil is not quitting exploration in Brazil at all,” Ferrin said, disputing a U.S. newspaper report published last month.

Brazil’s government, regulators and the company’s exploration partners are aware it has no intentions of leaving. Exxon is searching for exploration opportunities such as the one it encountered in Guyana, where it has had an 89% success rate, Ferrin said.

“Brazil offers those exploration success enablers that we look for globally, no doubt about that. Good rocks, good commercial terms, stable fiscals, technology advancement,” he said.

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