U.S. oil producer Exxon Mobil Corp. is drilling in a new area offshore of Brazil that could have as much as 1 billion barrels of oil and gas, its partner Murphy Oil Corp. said on March 22.
If exploration is successful, it would be Exxon Mobil’s first oil discovery in Brazil as an operator. Exxon Mobil 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 with 20%.
Exxon Mobil declined to comment.
Exxon Mobil kicked off drilling activity on the so-called Cutthroat-1 prospect on Feb. 20 and should conclude in the coming weeks, Murphy Oil CEO 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 boe, he said.
Recommended Reading
E&P Highlights: April 22, 2024
2024-04-22 - Here’s a roundup of the latest E&P headlines, including a standardization MoU and new contract awards.
Technip Energies Wins Marsa LNG Contract
2024-04-22 - Technip Energies contract, which will will cover the EPC of a natural gas liquefaction train for TotalEnergies, is valued between $532 million and $1.1 billion.
Galp Seeks to Sell Stake in Namibia Oilfield After Discovery, Sources Say
2024-04-22 - Portuguese oil company Galp Energia has launched the sale of half of its stake in an exploration block offshore Namibia.
Aker BP’s Hanz Subsea Tieback Goes Onstream
2024-04-22 - AKER BP’s project marks the first time subsea production systems have been reused on the Norwegian Continental Shelf.