Exxon In Talks To Expand Into Brazil

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.

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.

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