Unitization brings Carcara start into view
June 6, 2018
ExxonMobil Corp. said oil production is expected to start in 2023-24 from deepwater Carcara field in the Santos basin off Brazil, in which it has increased its interest in a unitization deal with Equinor ASA (OGJ Online, Sept. 29, 2015).
It bought a 36.5% interest in Block BM-S-8 from Equinor, which also sold a 3% interest to Galp Energia of Portugal.
Interests after the transaction are ExxonMobil and Equinor, 36.5% each; Galp, through subsidiary Petrogal Brasil, 17%; and Barra Energia, Rio de Janeiro, 10%.
Block BM-S-8 is adjacent to the North Carcara block, which contains part of the presalt field. ExxonMobil and Equinor hold 40% interests each in the North Carcara production-sharing contract. Petrogal Brasil holds 20%.
Equinor, which operates both blocks, said its transactions align interests and assure timely unitization. It received $955 million in the deals and might receive further payments of $595 million if performance milestones are met.
The companies believe Carcara field holds more than 2 billion bbl of high-quality oil. They said exploratory drilling began on a prospect designated Guanxuma on Block BM-S-8 in April.
ExxonMobil said appraisal drilling and development planning also are in progress.
