Exxon Mobil Corp. has purchased 50% of Equinor ASA's interest in the BM-S-8 block offshore Brazil containing part of the Carcara oil field.
"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," Brad Corson, president of ExxonMobil Upstream Ventures, said in a June 6 news release.
Production from the field is expected to start in 2023 or 2024.
With this deal, Exxon now holds a 36.5% stake in the BM-S-8 block and Equinor, formerly Statoil ASA, has a 36.5% interest. Petrogal Brasil SA and Barra Energia hold 17% and 10% interests in the field, respectively.
Exxon also owns a 40% stake in the North Carcara block adjacent to BM-S-8, which contains the other part of the Carcara field. Equinor is the operator of both Carcara North and BM-S-8.
Exxon has interests in 24 blocks offshore Brazil, totaling more than 2.1 million net acres.
