ExxonMobil completes Carcará stake acquisition

Super-major ExxonMobil has finalised the acquisition of a 36.5% stake in Brazil’s offshore BM-S-8 block, the company said in a Wednesday press release.

The interest in the licence was bought from Equinor, which lowered its own stake by half under the deal.

The BM-S-8 block contains part of the pre-salt Carcará field, estimated to contain around 2 billion boe in reserves. Drilling at the block’s Guanxuma prospect began in April and first oil from the field is expected in 2023 or 2024.

“The Carcara oilfield is an excellent example of the quality resources to be found offshore Brazil,” Brad Corson, president of ExxonMobil Upstream Ventures, said in the statement. “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.”

The other partners in BM-S-8 include Petrogal, with a 17% stake, and Barra Energia, holding 10%.