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Exxon, Equinor complete partnership offshore Brazil

Exxon, Equinor complete partnership offshore Brazil

Business
June 6 (UPI) -- Development of oil basins off the coast of Brazil remains a core focus, Norwegian energy company Equinor said after selling off interests to Exxon Mobil. Equinor, formerly known as Statoil, completed a transaction with Exxon that puts the latter in an equity partnership at the BM-S-8 block off the coast of Brazil with a 36.5 percent stake. The block is within the Carcara oil field, which has an estimated 2 billion barrels of reserves. "Carcará is a world-class asset and has strengthened our position in Brazil, one of Equinor's core areas due to its large resource base and excellent fit with our technology and capabilities," Anders Opedal, the country manager for Equinor, said in a statement. Brazil ranks second behind Venezuela in terms of proven oil reserves in So...