Skip to content
Subscriber Only

Exxon Drills Dry Hole in Setback to Brazil Oil Exploration

Exxon Gas Stations Ahead Of Earnings Figures
Photographer: David Paul Morris/Bloomberg
Updated on

Exxon Mobil Corp. drilled a so-called dry hole off the Brazilian coast, a rare setback in the oil titan’s effort to expand its South American crude reserves. 

The Cutthroat exploratory well failed to find significant quantities of oil or natural gas, Exxon said Monday following an announcement by Enauta Participacoes SA, an investor in the project.