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.
Recommended Reading
Chevron Hunts Upside for Oil Recovery, D&C Savings with Permian Pilots
2024-02-06 - New techniques and technologies being piloted by Chevron in the Permian Basin are improving drilling and completed cycle times. Executives at the California-based major hope to eventually improve overall resource recovery from its shale portfolio.
Proven Volumes at Aramco’s Jafurah Field Jump on New Booking Approach
2024-02-27 - Aramco’s addition of 15 Tcf of gas and 2 Bbbl of condensate brings Jafurah’s proven reserves up to 229 Tcf of gas and 75 Bbbl of condensate.
TotalEnergies Acquires Eagle Ford Interest, Ups Texas NatGas Production
2024-04-08 - TotalEnergies’ 20% interest in the Eagle Ford’s Dorado Field will increase its natural gas production in Texas by 50 MMcf/d in 2024.
US Gas Rig Count Falls to Lowest Since January 2022
2024-03-22 - The combined oil and gas rig count, an early indicator of future output, fell by five to 624 in the week to March 22.
Texas Earthquake Could Further Restrict Oil Companies' Saltwater Disposal Options
2024-04-12 - The quake was the largest yet in the Stanton Seismic Response Area in the Permian Basin, where regulators were already monitoring seismic activity linked to disposal of saltwater, a natural byproduct of oil and gas production.