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ExxonMobil (NYSE:XOM) is ending a “major campaign” in Brazil after failing to find oil in this Latin American country. According to Wall Street Journal, the company has now stopped its drilling efforts in Brazil’s deep waters after failing to find crude oil for the third time.
It was reported back in 2017 that Exxon was in talks with Petrobras (BVMF:PETR4) to gain access to Brazil’s deep waters. The partnership was valued at $4 billion.
“Our initial exploration drilling program in Brazil is now complete. We continue to work with our co-venturers to analyze the data acquired from the extensive drilling program to assess the potential for future exploration activities in those blocks,” said Michelle Gray, a spokeswoman for Exxon.
The report now claims that the company is shutting down its project operations in what is perceived to be a major setback given the high expectations.
ExxonMobil CEO Darren Woods said recently that Brazil is seen by the oil giant as a major growth opportunity.
