Exxon Finds Oil in Offshore Brazil Well After Dry Hole
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Exxon Mobil Corp., the world’s biggest company by market capitalization, discovered oil in a deep-water field in Brazil’s Santos Basin after hitting a dry hole in the same block last year.
Traces of oil were found in the well, known as Sabia-1, in the BM-S-22 block, according to a posting on the website of Brazil’s National Petroleum Regulator. Exxon last year failed to find oil or natural gas at the Guarani well in the same block.