The president of Exxon in Brazil, Carla Laserda, said in the global “FT Commodities” session that Exxon’s investments in the South American country are still very beneficial to us, despite the drop in oil prices caused by the Corona virus.
According to the “German” Lacerda said that while production is still a few years away, projects remain on the right track because Exxon believes it will do well in the current pricing environment.
Exxon plans to drill 5 to 7 wells over the next year and a half to two years. “There is still a lot of wealth in the deep sea that will be unlocked,” said Roberto Castillo Branco, CEO of Petrobras, during the same panel discussion.
The two companies focus on oil and gas production because the renewables are outside their core interests and have very low revenues.
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