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Exxon, Petrobras in partnership discussions

Exxon Mobil (XOM -0.7%) and Petrobras (PBR +0.9%) have held talks on a strategic partnership that could involve multiple assets in Brazil and overseas in different segments of the industry, Bloomberg reports.

Such a wide-ranging deal could give XOM access to oil fields and infrastructure in Brazil while PBR could gain from XOM’s expertise in production, refining and distribution. Last week, PBR CEO Pedro Parente reportedly met in Houston with Carla Lacerda, XOM’s top exec in Brazil, and Felipe Arbelaez, BP’s head of Latin America, who said “all companies are reviewing their Brazil strategy” in light of policy changes undertaken by Brazil’s government.

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