PETROBRAS JOINT VENTURE

Both Exxon Corporation and Mobil Corporation announced that their affiliates Esso Brasileira de Petroleo Limitada and Mobil Exploracao e Desenvolvimento de Brasil Limitada, respectively, have signed final agreements with Petroleo Brasileiro S.A. for an interest in deepwater exploration Block BC-10. Deepwater Block BC-10 is located in the Campos Basin approximately 60 miles offshore of the state of Rio de Janeiro in water depths ranging from 3,000 to 7,500 feet. The block encompasses approximately 800,000 acres. Under the terms of the agreement, Esso will have a 15 percent interest, Mobil will have a 15 percent interest, Shell Brasil S.A. as the operator will have 35 percent interest and Petrobras will have the other 35 percent interest.
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