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Exxon finds oil near massive Brazilian fields

International Herald Tribune

The Associated Press

Published January 22, 2009

SAO PAULO, Brazil: Exxon has told Brazilian officials it discovered oil in deep water off Rio de Janeiro, near massive fields that could hold as much as 80 billion barrels of oil.

State media said Wednesday that Exxon Mobil Corp. did not estimate the size of the find in a filing with Brazil’s National Petroleum Agency.

Agencia Brasil reported that the company said it is drilling one well and plans another. A Brazilian division of Exxon told the news agency other details are confidential.

Exxon has a 40 percent stake in the block under exploration. Agencia Brasil said U.S.-based Hess Corp. has a 40 percent stake, and Brazil’s Petroleo Brasileiro SA holds 20 percent.

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