ExxonMobil has no plans to quit oil exploration in Brazil, reported Reuters, citing ExxonMobil Brazil chief Alberto Ferrin.

“I would say very crystal clear that Exxon Mobil is not quitting exploration in Brazil at all,” Ferrin said at the Offshore Technology Conference in Houston.

Last month, the Wall Street Journal (WSJ) reported that ExxonMobil abandoned a multibillion-dollar initiative after failing to find oil off the coast of Brazil.

The US energy giant has no plans to leave Brazil, and the government, authorities and exploration partners are all aware of this, Ferrin said.

ExxonMobil is looking for exploratory possibilities similar to the one it found in Guyana, where it has had an 89% success rate, according to Ferrin.

ExxonMobil already has six drilling rigs working in Guyana, and it is anticipated that more contracts will be signed there in the coming months, according to the earlier WSJ report.

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“Brazil offers those exploration success enablers that we look for globally, no doubt about that,” he added. “Good rocks, good commercial terms, stable fiscals, technology advancement.”

Recently, ExxonMobil along with its partners made a final investment decision on the Uaru oil field development project located in the Stabroek block offshore Guyana.

The $12.7bn project, which will be the fifth project in the Stabroek block, comprises nearly ten drill centres and 44 production and injection wells.

Expected to start production in 2026, the Uaru field is anticipated to have a production capacity of close to 250,000 gross barrels of oil per day.