OGX, Exxon Mobil Win Potiguar Offshore Brazil Blocks

By MarEx 2013-05-15 10:15:00

Oil companies OGX and Exxon Mobil Corp won Brazilian deepwater oil and natural gas exploration blocks in a frontier region of Brazil's Potiguar Basin at an auction on Tuesday.

OGX agreed to pay 20 million reais ($10 million) for the rights to the PN-M-475 block and the OGX and Exxon Mobil consortium agreed to pay 81.9 million reais for PN-M-762. The blocks are located southeast of the city of Fortaleza in Brazil's northeast.

Many geologists believe that the deeper water offshore areas in Potiguar and other northern coastal regions of Brazil may contain oil structures similar to those in West African countries such as Nigeria.

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