ExxonMobil identifies Brazil's offshore Foz do Amazonas basin as South America's potential next major oil and gas province. This follows its massive success in nearby Guyana. At a Rio de Janeiro conference, Hunter Farris, Exxon's Senior VP of Deepwater, stated the company's intent to apply its Guyana expertise to the geologically similar Brazilian Equatorial Margin.
In June 2025, Exxon partnered with Brazilian state-owned Petrobras. They acquired exploration rights for 10 deepwater blocks in the Foz do Amazonas basin. This partnership follows a recent Petrobras announcement. Petrobras confirmed hydrocarbons in its Morpho exploration well within the same basin. Exxon's interest highlights a growing focus on this new frontier. The basin is seen as a source for replenishing global oil reserves.