ExxonMobil Eyes Brazil's Foz do Amazonas as Next South American Energy Prize

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ExxonMobil said it believes the next wave of large oil and natural gas discoveries in South America's northern equatorial margin will occur in Brazil, following the giant success in Guyana and, to a lesser extent, Suriname. "The next chapter is going to be written in Brazil, and we want to be a part of it," Exxon senior VP of deepwater Hunter Farris said at the ROG.e 2026 conference in Rio de Janeiro, pointing to the company's achievements in Guyana. Exxon once operated key assets in Brazil's pre-salt areas without making a commercial discovery, but in June 2025 it partnered with Petrobras to acquire exploration rights for 10 deepwater blocks in the Foz do Amazonas basin. Petrobras expects to begin a closely watched appraisal program in the Foz do Amazonas early next year to start work on three new wells, after recently identifying the presence of oil and gas in the Morpho exploration well and receiving authorization from Brazil's Ibama environmental agency to start drilling. "Morpho was indeed a positive response, something we waited for over a decade, but we will need all three wells to make a correct assessment," Petrobras exploration and production director Sylvia Anjos told the conference.

Impact on assets 3

Energy Transition & Power Demand▲ · 1 stocks
Exxon Mobil Corp
XOM
▲ PositiveSupplyrelevance

Exxon sees Brazil's Foz do Amazonas as the next major oil/gas frontier and has partnered with Petrobras on 10 deepwater exploration blocks there

Energy▲ · 1 stocks
Petroleo Brasileiro Petrobras SA ADR
PBR
▲ PositiveDemandrelevance

Petrobras identified oil and gas at the Morpho well in Foz do Amazonas and will begin a three-well appraisal program early next year, advancing its exploration prospects.

Semiconductors▲ · 1 stocks
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