Exxon, Petrobras form alliance to develop oil, gas projects

Exxon Mobil Corp and Petróleo Brasileiro SA, Brazil’s state-controlled oil producer (also known as Petrobras) have announced that they have formed an alliance to develop energy projects globally.

The deal, which was signed in Rio de Janeiro, will have the companies study ways they can cooperate on exploration, production and chemical ventures inside and outside of Brazil.

The deal comes two months after Exxon and Petrobras were jointly awarded six oil-rich blocks in Brazilian coastal waters.