Exxon focuses on drilling in Brazil

According to Bloomberg, Exxon Mobil will begin drilling the Opal prospectus in the Campos Basin later this month and then move to the Titan area in the Santos Basin. The action proves the oil company's focus on accelerating drilling efforts in Brazil, highlighting its commitment to deepwater exploration. 

Exxon's success in the Campos and Santos basins will help determine the extent of the pre-salt. The region includes fields that constitute the backbone of Petrobras' production and growth plans.

Despite Petrobras' advances in pre-salt discoveries, there have also been recent weight setbacks by peers who, like Exxon, bought drilling rights in the country before oil prices plummeted. From 2016 to 2018, Brazil accounted for 75% of what was spent globally on exploration licenses, according to the National Petroleum Agency (ANP). 

Petrobras released a natural gas discovery in the Campos region in September and is now studying the results. The company also has four pre-salt wells to be explored in the Campos Basin next year.


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