ExxonMobil: buys stake in promising offshore Brazil block
(CercleFinance.com) - ExxonMobil has said that it has completed the acquisition of half of Equinor's interest in a block offshore Brazil, which contains part of a 2-billion-barrel oil field.
ExxonMobil now holds a 36.5% stake in the BM-S-8 block, while Equinor holds 36.5%. Brazil's Petrogal and Barra Energia each hold 17% and 10%, respectively.
The four partners are now advancing development activities, including concept selection, while finalising all remaining commercial agreements.
Exploration drilling began on the prospect in April and production from the field is expected to start in 2023 or 2024, the oil giant said.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
ExxonMobil now holds a 36.5% stake in the BM-S-8 block, while Equinor holds 36.5%. Brazil's Petrogal and Barra Energia each hold 17% and 10%, respectively.
The four partners are now advancing development activities, including concept selection, while finalising all remaining commercial agreements.
Exploration drilling began on the prospect in April and production from the field is expected to start in 2023 or 2024, the oil giant said.
Copyright (c) 2018 CercleFinance.com. All rights reserved.