April 4, 2017 / 5:47 PM / in 7 months

Exxon in talks to expand into Brazil - WSJ

REUTERS - Exxon Mobil Corp is in talks to gain access to Brazil’s deep-water oil resources, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

Logos of ExxonMobil are seen in its booth at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai

Exxon, 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.

Exxon is also working with U.S. oil producer Hess Corp to expand into Brazil after the country revised its regulations last year to attract more foreign investment, the Journal reported. on.wsj.com/2nApuE0

Exxon and Petrobras declined to comment when contacted by Reuters, while Hess was not immediately available for comment.

Reporting by Komal Khettry in Bengaluru; Editing by Sai Sachin Ravikumar

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