(C) Reuters. FILE PHOTO: Logos of ExxonMobil are seen in its booth at Gastech, the world’s biggest expo for the gas industry, in Chiba
LONDON (Reuters) – Exxon Mobil Corp (NYSE:XOM)’s Brazilian projects remained on track pending discoveries despite company-wide spending cuts, the company’s country head told the FT Global Commodities Summit on Wednesday.
“In Brazil, we have 28 blocks of which most of them are exploration. Although the company has gone through a capital expenditure reduction of 30% for 2020…the Brazilian projects remain on track largely because…we believe these assets will perform well,” Carla Lacerda, Exxon Mobil’s president in Brazil, said.
“Within the next 1.5 to 2 years we’ll be drilling out, between our operated and those operated by others, another 5 to 7 wells. Typically development projects take 5 years from discovery to production.”
Exxon Mobil’s Brazil exploration projects remain on track: country head
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.