Exxon Mobil Corp. has ended a major campaign to find oil in Brazil, after coming up empty-handed on a multibillion-dollar wager that produced disappointing wells
The companies authorized the first phase of the project in 2021 and expect it to come online in 2025, pumping some 220,000 barrels a day.
In 2021, Exxon drilled two wells in Brazil’s Campos and Santos basins. Last year, it drilled a third in the Sergipe-Alagoas basin. None of the three wells off Brazil had enough oil to be commercially viable. Exxon also deployed a drill-ship to Angola last year, and that rig is working on a two-year contract, marking Exxon’s first exploration efforts in the West African country since 2018, according to drilling-rig tracker RigLogix. The drill-ship began work a few months after Exxon drilled the underperforming well in Brazil.
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