ExxonMobil Denies Exiting Brazil and Confirms Good Opportunities for Success in Oil Exploration and Search Operations

The American ExxonMobil denied exiting Brazil, and confirmed that the country provides all the good opportunities it needs for the success of oil exploration and search operations, according to a company official.

And the president of the company in Brazil, Alberto Frenn, said, during the Conference on Technologies for Maritime Research and Exploration Activity, which was held in Houston, USA, yesterday, Monday, May 1, 2023: “Brazil has all the success factors that we are looking for globally, and there is no doubt about that: rich rocks, conditions Good business, a stable tax system, and technical progress.” As you mentioned Reuters.

At the beginning of last month, it was reported that the American Exxon Mobil failed to find oil in Brazil, after 6 years of search and exploration operations. This prompted the giant oil and gas company to stop the current drilling in the offshore area.

The company had won exploration and research operations in marine areas near Brazil’s borders with the oil-rich country of Guyana, through an alliance with partners for $4 billion in 2017, according to what was seen by the specialized energy platform.

Exit denial

Exxon Mobil’s head in Brazil, Alberto Frenn, denied his company’s exit from the country, commenting on what a newspaper in the United States reported last month.

He said: “I say very clearly .. Exxon Mobil did not get out of Brazil at all.”

And the company failed for the third time to find commercially extractable quantities of oil in Brazil, last month, after a bet that cost it billions of dollars on offshore exploration, as the country was one of 3 geographical regions that the company had set in its strategy for production growth in the coming years.

Find similar success for Guyana

The South American country’s government, energy sector regulators, and the company’s research and exploration systems, “all know that we are continuing in the country,” said ExxonMobil’s President in Brazil Alberto Frenn.

He added, “We are looking for opportunities in Brazil, such as nearby Guyana, where we succeeded with a rate of 89%.”

The oil and gas company in Brazil (Petrobras) is facing obstacles in research and exploration in this marine area. due to frequent environmental objections.

The (Ibama) Institute – which is affiliated with the Brazilian Ministry of the Environment – recommended a few days ago that Petrobras’ request for exploration and research be rejected. Due to gaps in the plan that I presented, the region rich in biodiversity, near the mouth of the Amazon River in the Atlantic Ocean, is subjected to great damage.

It is noteworthy that Exxon Mobil had indicated that its operating profits for the first quarter of 2023 are expected to decline by about 25% from the record levels of last year, due to the decline in oil and gas prices.

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