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ExxonMobil has increased its holdings in Brazil's pre-salt basins after it won the Tit exploration block with co-venturer Qatar Petroleum during Brazil's 5th pre-salt bid round.
The block awarded added more than 71,500 net acres to the ExxonMobil portfolio, expanding the company's total position in the country to approximately 2.3 million net acres.
Equity interest in the block will be 64% for ExxonMobil and 36% for Qatar Petroleum. ExxonMobil will be the operator.
Through the remainder of 2018 and into 2019, ExxonMobil will continue to obtain 3-D seismic coverage, as well as continue to progress work on regulatory requirements for exploration drilling by 2020.
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