Exxon Mobil (XOM) wants to gain access to Brazil's deep water resources, and is currently the only large oil company without a major base in the South American country.
There have been talks about a joint venture partnership in which Exxon would invest in projects with state-run oil company Petrobras (PBR.A) (PBR) , sources told the Wall Street Journal. There is also talk of Exxon buying stakes in offshore tracts the government of Brazil is planning to lease out this year.
There have been no specific terms of any agreement reached as of yet.
Shares of Exxon were down slightly on Tuesday morning.