Exploration & Production

Exxon returns to Brazil with $2.7 bln spending spree

The supermajor is angling for a second chance at exploration success in Brazil after a fruitless campaign in 2012 The supermajor is angling for a second chance at exploration success in Brazil after a fruitless campaign in 2012.
By Chris Noon 12 April 2018 0 30391
A Petrobras rig exploring offshore Brazil A Petrobras rig exploring offshore Brazil. (Petrobras)

Until recently, Brazil was notably lacking in the portfolio of the world’s largest publicly traded oil and gas company, ExxonMobil. But that has all changed in the last eight months. 

The country’s 15th oil and gas licensing round, which took place at the end of March, saw Exxon pay nearly $860 million in signing bonuses for eight blocks. Of these, the company plans to operate six. Exxon also paid $600 million in signing bonuses for 10 blocks in September 2017, and bought a...