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.
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