ExxonMobil completed its initial exploration drilling program in Brazil after failing to find oil, according Reuters and the Wall Street Journal. However, the oil and gas company “continues to pursue exploration activity in the country.”
Exxon has experienced several drilling problems in the region, including delays in the Bacalhau field with Equinor as a partner. Production is now expected to begin in 2025.
The region is one of three countries ExxonMobil is attempting to capitalize on. While assets in Guyana and U.S. shale are looking positive, Exxon still hasn’t made an oil discovery in Brazil.
