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ExxonMobil bets on Brazil, buys 10 oil blocks in auction

Published Thu, Sep 28, 2017 · 09:50 PM
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Rio De Janeiro

EXXONMOBIL Corp vastly expanded its presence in Brazil on Wednesday, winning 10 blocks in the country's 14th round of bidding for oil exploration and production rights, helping the cash-strapped nation fetch a record 3.8 billion reais (S$1.62 billion).

ExxonMobil took six blocks in consortia with state-controlled oil giant Petroleo Brasileiro in the promising offshore Campos basin, after bidding 2.24 billion reais for one block. That w…

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