On Wednesday, Carla Lacerda, Exxon Mobil’s president in Brazil, said that the company’s Brazilian projects are still on track pending discoveries amid the company-wide spending cuts.
The company has 28 blocks in Brazil, mostly are exploration. All remain on tracks as Exxon believes these assets will perform well, even when the company has slashed capital expenditure (CAPEX) by 30% this year.
“Within the next 1.5 to 2 years we will be drilling out, between our operated and those operated by others, another 5 to 7 wells,” Lacerda said.
