ExxonMobil Corp. (NYSE: XOM) is in talks to gain access to Brazil's deepwater oil resources, the Wall Street Journal reported April 4, citing people familiar with the matter.
ExxonMobil, the world's largest publicly listed oil company, has held talks about a joint venture through which it would invest in projects with Brazilian state-controlled Petrobras, the Journal reported.
The talks also included discussions about potentially buying stakes in offshore tracts that the Brazilian government plans to lease out this year, the report said.
ExxonMobil is also working with U.S. oil producer Hess Corp. (NYSE: HES) to expand into Brazil after the country revised its regulations last year to attract more foreign investment, the Journal reported.
ExxonMobil and Petrobras declined to comment when contacted by Reuters, while Hess was not immediately available for comment.
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