If exploration is successful, it would be Exxon’s first oil discovery in Brazil as an operator. Exxon leads the prospect in the Sergipe-Alagoas Basin, northeast of Brazil, with a 50% stake. It is joined by Brazilian producer Enauta with 30% and Houston-based Murphy Oil Corp with 20%.
Exxon kicked off drilling activity on the so-called Cutthroat-1 prospect on Feb. 20 and should conclude in the coming weeks, Murphy Oil Chief Executive Roger Jenkins said in a presentation to investors.
This is the first exploratory well of the nine blocks the three companies hold together in the Sergipe-Alagoas basin.
The Cutthroat area has an upward gross resource potential between 500 million to 1.050 billion barrels of equivalent oil, he said.
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