WSJ: Exxon, Petrobras may partner to develop offshore oil projects

|By:, SA News Editor

Exxon Mobil (XOM -0.4%), the only oil major without a presence in Brazil, is in talks to gain access to the country’s deepwater resources, WSJ reports.

The talks have included discussions about a joint venture partnership through which XOM would invest in projects with Petrobras (PBR), as well as potentially buying stakes in offshore tracts the Brazilian government plans to lease out this year, according to the report.

XOM, which has eyed deepwater resources in Brazil for at least a decade, is said to be working with Hess (HES -0.3%) to expand in the country after Brazil revised its regulations last year to attract greater foreign investment.