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Exxonmobil Purchases Oil Field Offshore Brazil

ExxonMobil has completed the purchase of half of Equinor’s interest in the BM-S-8 block offshore Brazil that contains part of the 2-billion-barrel, pre-salt Carcara oil field, the company announced Wednesday.

Production from the field is expected to start in 2023 or 2024, according to the company's press release.

Exploration drilling began on the Guanxuma prospect in BM-S-8 on April 25, the press release read.

ExxonMobil now holds a 36.5 percent interest in the BM-S-8 block and Equinor (formerly Statoil) holds 36.5 percent. Petrogal Brasil and Barra Energia each hold 17 percent and 10 percent, respectively.

ExxonMobil has a 40 percent interest in the North Carcara block adjacent to BM-S-8, with co-venturers Equinor and Petrogal Brasil. The block contains the other part of the significant Carcara field. Equinor is the operator of both Carcara North and BM-S-8.

"The Carcara oil field is an excellent example of the quality resources to be found offshore Brazil,” President of ExxonMobil Upstream Ventures Brad Corson said in the press release.

"We’ll be working with our partners to explore and develop these shared blocks, and contributing our deepwater technology and expertise to further enhance the value of this world-class resource,” he added.

ExxonMobil has interests in 24 blocks offshore Brazil. The company has had business activities in Brazil for more than 100 years and has about 1,300 employees in the country across its chemical, upstream and business service center operations.

(Anadolu Agency, 07/06/2018)

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