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Exxon Mobil bets on Brazil, buys 8 offshore oil blocks in auction

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Exxon Mobil Corp vastly expanded its presence in Brazil on Wednesday, winning a total of eight offshore blocks in the country’s 14th oil bidding round, helping the cash-strapped nation to fetch a record 3.8 billion reais ($1.19 billion).

Exxon Mobil 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 area alone. That was Brazil’s highest-ever such bid.

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