Exxon Mobil has shut down its drilling in Brazil after being unable to find oil there.

 

Exxon Mobil has shut down its drilling in Brazil after being unable to find oil there. According to sources, the oil giant is moving its geologists and engineers to other countries, including Guyana, Angola, and Canada. Exxon began drilling in Brazil in 2017 and has invested more than $4B in finding commercially viable amounts of crude. In 2021, Exxon drilled two wells in Brazil’s Campos and Santos basins, and in 2022 it drilled a third in the Sergipe-Alagoas basin. The company did not find enough oil to be commercially viable. According to sources, Exxon has not ruled out future projects in the country. An Exxon spokeswoman said the company is still engaged in Brazil and pursuing exploration activity in the country.