- Oil market trends in Latin America are shaped by sanctions, regional growth in Guyana, and the performance of major national oil companies.
- ExxonMobil participates in the Stabroek Block consortium while Petrobras deploys Búzios platforms, reflecting regional market shifts in Latin America.
ExxonMobil and Petrobras target Foz do Amazonas drilling licenses
What happened
ExxonMobil stated it wants a role in Brazil's next oil chapter. The company holds ten Foz do Amazonas blocks with Petrobras, but none have received a drilling license. ExxonMobil's senior vice president noted that Brazil's northern offshore has geology similar to Guyana, where ExxonMobil output is expected to exceed one million barrels a day this year.
From riotimesonline.com
Why it matters
The interest reflects ExxonMobil's desire to participate in Brazil's next oil phase. The company used Guyana's strong output figures as a benchmark when discussing the potential of the Brazilian offshore area.
Oil market trends in Latin America are influenced by sanctions, regional growth in Guyana, and the performance of major national oil companies.
From riotimesonline.com
Who's involved
- ExxonMobilHolds ten Foz do Amazonas blocks with Petrobras and expressed interest in Brazil's oil sector.
- PetrobrasIs a joint operating partner with ExxonMobil in the Foz do Amazonas basin.
- GuyanaIs cited by ExxonMobil as a reference point for similar geology and high output.
- National Agency of Petroleum, Natural Gas and BiofuelsIs the Brazilian regulatory agency responsible for issuing drilling licenses.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
Increased interest in the blocks could confirm the regulatory role and licensing revenue for the National Agency of Petroleum, Natural Gas and Biofuels.
- GuyanaSpeculative
ExxonMobil benchmarking against Guyana's output might reinforce Guyana's market strength and investment appeal.
- ExxonMobilSpeculative
Regulatory inaction by the National Agency of Petroleum, Natural Gas and Biofuels regarding drilling licenses could stall ExxonMobil's planned operations.
Keep exploring
The entities involved
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ExxonMobil
American multinational oil and gas corporation
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Petrobras
Brazilian multinational oil and gas corporation
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Guyana
country in South America
Related events
- ExxonMobil is drilling exploration wells in Guyana's Stabroek Block, while Guyana's maritime body issues instructions to mariners.
- ExxonMobil is conducting exploration in offshore Block 15 of Angola.
- Petrobras is authorized to drill in Foz do Amazonas, following confirmation that the Equatorial Margin runs into waters off Guyana and Suriname.
- ExxonMobil and Santos share an oil project, while Santos reported a gas spill off the Western Australian coast. Separately, Shell was implicated in oil spills in the Niger Delta.