*Adds 640,000 net acres to its portfolio
OpeOluwani Akintayo
with Agency reports
02 April 2018, Sweetcrude, Lagos — ExxonMobil has increased its stakes in Brazil’s pre-salt basins after winning eight additional exploration blocks during Brazil’s 15th bid round, adding about 640,000 net acres to its cart.
Six of the eight newly awarded blocks will be operated by ExxonMobil, a statement by the firm read.
The additional blocks expand the company’s total position in the country to more than two million net acres, making it one of the largest acreage holders among international companies in Brazil.
“These recent bid round results add highly prospective acreage to ExxonMobil’s deepwater portfolio that we will explore and develop with our partners,” said Steve Greenlee, president of ExxonMobil Exploration Company.
“This acreage in Brazil’s pre-salt play will provide excellent opportunities to deploy our deepwater expertise. We will continue working with the government to develop these world-class resources for the benefit of Brazilians for many years to come.”
ExxonMobil and its partners jointly won a total of eight blocks, which include: two blocks in the Santos area which ExxonMobil will operate with partner Qatar Petroleum.
Four blocks in the Campos area: ExxonMobil will operate two blocks with partners Petrobras and Qatar Petroleum; Petrobras will operate two blocks with partners ExxonMobil and Statoil.
Two blocks in the Sergipe-Alagoas area which ExxonMobil will operate with partners Queiroz Galvão Exploração e Produção (QGEP) and Murphy Oil Corporation, and which will enhance the value of adjacent blocks already held.
ExxonMobil said it plans to obtain 3-D seismic coverage in 2018 on more than 4,000 square kilometers, including all of its operated exploration blocks announced in 2017, subject to permitting approvals.
The company now has interests in 24 blocks offshore Brazil.
ExxonMobil has worked in Brazil for more than 100 years.
