• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day Does Toyota Know Something That We Don’t?
  • 4 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 23 hours World could get rid of Putin and Russia but nobody is bold enough
  • 2 hours America should go after China but it should be done in a wise way.
  • 4 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 3 days China is using Chinese Names of Cities on their Border with Russia.
  • 4 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 3 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 9 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
  • 4 days Putin and Xi Bet on the Global South
  • 4 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 5 days United States LNG Exports Reach Third Place
  • 5 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Breaking News:

Chicago Files Suit Against Big Oil

Crew Abandons Cargo Ship After Houthi Attack

Crew Abandons Cargo Ship After Houthi Attack

Attacks on Red Sea shipping…

Red Sea Strikes and China's Economic Stimulus Support Oil Prices

Red Sea Strikes and China's Economic Stimulus Support Oil Prices

The Houthi's renewed maritime offensive…

Exxon Ends Major Drilling Campaign In Brazil After Failing To Find Oil

After years of failing to make a major oil discovery offshore Brazil, ExxonMobil has ended a major drilling campaign there, but hasn't ruled out further exploration in the country, The Wall Street Journal reported on Wednesday, citing sources with knowledge of the plans.

Exxon, the first oil and gas company to set up operations in Brazil in 1912 under the name of Standard Oil Company of Brazil, bought deepwater acreage back in 2017, hoping to find oil in the prolific offshore basins where other majors and Brazilian state oil firm Petrobras have found huge oil reserves.

Exxon, however, hasn’t been successful in its years-long exploration campaign and has ended that campaign, according to the Journal’s sources.

In 2021, Exxon drilled two wells in the Opal and Tita blocks. According to Brazilian oil industry regulator ANP, Exxon found traces of oil and gas in the Tita block, Bnamericas reported in November 2021. Exxon paid the equivalent of $560 million to secure a majority stake in the block in a tender held in 2018.  

Exxon and partners have spent $4 billion on securing drilling rights in blocks offshore Brazil in tenders over the past five years. Yet, the supermajor has not made that one major discovery that would lead to sanctioning a project to pump oil.  

The drilling setback is rare for Exxon, which struck so much oil offshore Guyana, which borders Brazil to the north, that it helped make it the latest oil-producing and oil-exporting nation in late 2019.

Despite the end of the Brazilian drilling campaign, Exxon has not given up on exploration offshore the country.

“We continue to work with our co-venturers to analyze the data acquired from the extensive drilling program to assess the potential for future exploration activities in those blocks,” Exxon’s spokeswoman Michelle Gray told the Journal. 


In December, Exxon said in its latest corporate plan that more than 70% of capital investments by 2027 would be deployed in strategic developments in the U.S. Permian Basin, Guyana, Brazil, and LNG projects around the world.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News