Exxon Mobil Corp (XOM.N) is reported to be in talks with hopes of gaining access to Brazil’s deepwater oil resources, according to media reports.
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 (PETR4.SA), the Wall Street Journal reported.
The alleged information is cited as coming from people familiar with the matter.
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 (HES.N) to expand into Brazil after the country revised its regulations last year to attract more foreign investment, according to the report.