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
Logan Energy Closes Gran Tierra Joint Venture Acquisition
2024-12-18 - Logan Energy Corp. paid approximately $37 million for 50% working interests in Gran Tierra’s Simonette Montney assets and will assume operatorship.
Surge Closes on Divestment of Alberta Non-Core Gas Assets
2024-12-20 - Surge Energy said it has focused on developing its core Sparky and southeast Saskatchewan crude oil assets, leaving the Alberta non-core assets undercapitalized.
LandBridge Closes Deal for 46,000 Surface Acres in Delaware Basin
2024-12-20 - LandBridge Co., which held a successful IPO in August, added about 53,000 acres and now holds about 273,000 acres.
Crescent Energy Closes $905MM Acquisition in Central Eagle Ford
2025-01-31 - Crescent Energy’s cash-and-stock acquisition of Carnelian Energy Capital Management-backed Ridgemar Energy includes potential contingency payments of up to $170 million through 2027.
Constellation Bets Big on NatGas in $16.4B Deal for Calpine
2025-01-10 - Constellation Energy will acquire Calpine Corp. in a $26.6 billion deal, including debt, that will give the pure-play nuclear company the largest natural gas power generation fleet.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.