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OilNOW, March 28 (Reuters) - U.
S.
oil producer Exxon Mobil Corp's partner Murphy Petroleum said on Tuesday it was exploring a new area offshore Brazil that could hold as much as 1 billion barrels.
Oil and gas resources
.
If the exploration is successful, it will be the first oil discovery in Brazil by Exxon as an operator
.
ExxonMobil leads exploration with a 50% stake in the Sergipe-Alagos Basin in northeastern Brazil
Exxon Mobil declined to comment
In a presentation to investors, Murphy Oil Chief Executive Roger Jenkins said Exxon Mobil began drilling at the Cutthroat-1 exploration project on February 20 and is expected to wrap up in the next few weeks
This is the first exploratory well in nine blocks jointly held by the three companies in the Sergipe Alagoas Basin
Jenkins said the Cutthroat area has a total resource potential of between 500 million and 1.