Exxon Struggles To Make A Large Discovery In Oil-Rich Brazil

U.S. supermajor ExxonMobil has not yet struck the big oil discovery offshore Brazil, although it has spent years and billions of U.S. dollars on securing drilling rights in one of the most prolific offshore basins, Reuters reported on Monday, citing sources with knowledge of recent well drilling results.

In 2021, Exxon drilled two wells in the Opal and Tita blocks. According to Brazilian oil industry regulator ANP, Exxon found traces of oil and gas in the Tita block, Bnamericas reported in November. Exxon paid the equivalent of $560 million to…