Exxon Mobil's Brazil exploration projects remain on track: country head

FILE PHOTO: Logos of ExxonMobil are seen in its booth at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai/File Photo

LONDON (Reuters) - Exxon Mobil Corp’s Brazilian projects remained on track pending discoveries despite company-wide spending cuts, the company’s country head told the FT Global Commodities Summit on Wednesday.

“In Brazil, we have 28 blocks of which most of them are exploration. Although the company has gone through a capital expenditure reduction of 30% for 2020...the Brazilian projects remain on track largely because...we believe these assets will perform well,” Carla Lacerda, Exxon Mobil’s president in Brazil, said.

“Within the next 1.5 to 2 years we’ll be drilling out, between our operated and those operated by others, another 5 to 7 wells. Typically development projects take 5 years from discovery to production.”

Reporting by Julia Payne, editing by Louise Heavens