Exxon Mobil signs Brazilian
deepwater venture
NEW YORK, Dec 6 (Reuters) - Exxon Mobil Corp.
(NYSE:XOM - news), the world's No. 1 publicly traded oil
company, said Monday it signed a joint venture agreement for an interest in a Brazilian
deepwater exploration block with state-controlled Petrobras.
Exxon Mobil said its affiliate, Esso Brasileira de Petroleo Limitada (Esso), signed the agreement
to explore Block BFZ-2, located in Amazon Mouth Basin.
The block, located in water depths ranging from 300 to 7,500 feet, is located about 200 miles
offshore, the company said.
Esso now has an interest in seven deepwater blocks offshore Brazil.
Under the terms of the agreement, Esso will have a 20 percent interest in the block. Others
involved in the project include British Petroleum Brasil Limitada, a unit of BP Amoco (quote from
Yahoo! UK & Ireland: BPA.L), which is the operator with 35 percent, and Elf Petroleos do Brasil
Limitada, a unit of Elf Aquitaine , which holds a 15 percent stake.
Petrobras holds a 30 percent stake in the block.
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