ExxonMobil increased its holdings in Brazil's pre-salt basins after winning the Uirapuru exploration block with co-venturers Equinor and Petrogal Brasil during Brazil's fourth pre-salt bid round on Thursday.
The block awarded adds about 88,900 net acres to the ExxonMobil portfolio, expanding the company's total position in the country to more than 2.2 million net acres, according to Exxonmobil.
"Uirapuru is a uniquely valuable block that represents tremendous opportunity for us," Steve Greenlee, president of the ExxonMobil Exploration Company was quoted as saying.
"Brazil continues to represent a key investment for ExxonMobil, and we look forward to exploring and developing its world-class resources with our co-venturers and the government," Greenlee added.
Brazilian oil giant Petrobras will be Uriapuru block's operator with a 30 percent equity interest. The co-venturers ExxonMobil and Equinor each will hold a 28 percent stake while Petrogal Brasil will have a 14 percent interest.
The company said that ExxonMobil plans to obtain seismic coverage in 2018 on more than 7,500 square miles. Therefore, preparations are under way to obtain the necessary approvals to commence drilling activities, according to statement.
ExxonMobil now has interests in a total of 25 blocks offshore Brazil.
By Huseyin Erdogan