17-06-2025
Petrobras and Exxon Team Up to Win Disputed Oil Blocks in Brazil
Petrobras , Exxon Mobil Corp. and Chevron Corp. won exploration rights in Brazil's Equatorial Margin, betting that the nation's environmental regulator will finally open the promising offshore oil region for drilling after years of delay.
Brazil sold 19 out of 47 blocks offered in Foz do Amazonas basin in deep waters near the equator, making it the most competitive of the five basins where acreage was offered. It is in the wider region known as the Equatorial Margin, where the oil industry sees the best opportunity for Brazil to replenish oil reserves and prevent production from declining in the early 2030s.
