|Monday, December 06, 1999
Exxon Mobil Corporation announced that its affiliate, Esso Brasileira de Petroleo Limitada (Esso), has signed a Joint Venture Agreement with Petroleo Brasileiro S.A. (Petrobras) for an interest in a third deepwater exploration block in the Amazon Mouth Basin. Esso now has an interest in seven deepwater blocks offshore Brazil. Deepwater Block BFZ-2 is located in the Amazon Mouth Basin, off the State of Amapa approximately 200 miles offshore in water depths ranging from 300 to 7,500 feet. The block encompasses approximately 6.1 million acres. Under the terms of the agreement, Esso will have a 20 percent interest in BFZ-2. Co-venturers in the block include British Petroleum Brasil Limitada, operator, with a 35 percent interest; Elf Petroleos do Brasil Limitada with a 15 percent interest; and Petrobras with a 30 percent interest. In addition to Block BFZ-2, Esso acquired an interest in the First Exploration License Round Blocks BM-ES-1 and BM-FZA-1 and signed Joint Venture Agreements with Petrobras in July for an interest in Blocks BFZ-1, BP-1, BS-1 and BC-10.