OEF Rapid Review
The U.S. company prior to the auction. Exxon Mobil has vastly expanded its presence in Brazil by winning 10 blocks in the country’s 14th round of bidding for oil exploration and production rights. Previously the company was among the few oil majors without a presence in the exploration of the recently discovered large offshore fields in Brazil. Exxon Mobil took six blocks in consortia with state-controlled oil giant Petrobras in the promising offshore Campos basin. The auction was Brazil’s 14th round for blocks outside of the coveted pre-salt area and should gauge appetite for the country’s second and third pre-salt rounds.
LINK TO THE SOURCE ARTICLE:
ExxonMobil Buys Into Brazil
