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Exxon Mobil is concluding its major oil exploration campaign in Brazil, the Wall Street Journal reported, citing people familiar with the matter. Reuters noted that the company emailed the news agency suggesting that the initial exploration drilling program in the country was completed and the company is “still engaged in Brazil and continues to pursue exploration activity in the country.”
Exxon planned to focus on the Bacalhau field, successfully explored by its Norwegian partner Equinor ASA. In May 2022, Exxon agreed to expand with Equinor on the $8-billion Bacalhau project, expected to produce 220,000 barrels of oil and gas daily.
However, with delays, the startup has been delayed to 2025 from 2024. Exxon said it is working with co-venturers to analyze the data for assessing the potential for future exploration.
Exxon has been trying to find oil in Brazil for over five years. However, despite spending billions of dollars, the company has been unsuccessful in its campaign. The company dug two exploratory wells last year, but the results were not economically viable to pursue further operations on these sites, according to people familiar with the development.
In a recent release, Exxon hinted at an expected 25% decline in profits in the year’s first quarter. With oil and gas prices declining globally, the situation can persist in the coming quarters. Lowering exploration costs can help the company lower its overall costs.
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