ExxonMobil said it has completed the purchase of half of Equinor’s interest in the BM-S-8 block offshore Brazil, which contains part of the 2-billion-barrel, pre-salt Carcara oil field.
“The Carcara oil field is an excellent example of the quality resources to be found offshore Brazil,” said Brad Corson, president of ExxonMobil Upstream Ventures. “We’ll be working with our partners to explore and develop these shared blocks, and contributing our deepwater technology and expertise to further enhance the value of this world-class resource.”
Production from the field is expected to start in 2023 or 2024. ExxonMobil and its co-venturers are advancing development activities, including concept selection and finalizing all remaining commercial agreements. Exploration drilling began on the Guanxuma prospect in BM-S-8 on April 25, ExxonMobil said in a statement.
ExxonMobil now holds a 36.5 percent interest in the BM-S-8 block and Equinor holds 36.5 percent. Petrogal Brasil and Barra Energia each hold 17 percent and 10 percent, respectively.
ExxonMobil has a 40 per cent interest in the North Carcara block adjacent to BM-S-8, with co-venturers Equinor (formerly Statoil) and Petrogal Brasil. The block contains the other part of the significant Carcara field. Equinor is the operator of both Carcara North and BM-S-8.
ExxonMobil has interests in 24 blocks offshore Brazil, totalling more than 2.1 million net acres. The company has had business activities in Brazil for more than 100 years and has about 1,300 employees in the country across its chemical, upstream and business service centre operations.