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Market Chatter: ExxonMobil Sees Brazil as Next Major South American Oil, Gas Discovery Region

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US energy major ExxonMobil (XOM) expects Brazil to be the next region for major oil and gas discoveries along South America's northern equatorial margin after major exploration success in Guyana and less so in Suriname, the Upstreamonline reported Tuesday, according to the Seeking Alpha publication.

Speaking at the ROG.e 2026 conference in Rio de Janeiro, ExxonMobil's Senior Vice President of Deepwater, Hunter Farris, said Exxon was keen to be part of what it expected would be major forthcoming oil and gas development in Brazil.

Farris said the company's success in Guyana would stand it in good stead to contribute to Brazilian expansion.

In 2025, Exxon, together with Brazilian energy giant Petrobras (PBR), secured exploration rights for 10 deep-water blocks in the Foz do Amazonas basin. It had previously operated important assets in the country's offshore pre-salt areas but failed to make a commercial discovery, the Seeking Alpha report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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