Exxon finds oil near massive Brazilian fields

Exxon says it has discovered oil in deep water off Rio de Janeiro, Brazil, near massive fields that could hold as much as 80 billion barrels, it was reported today.

Brazilian state media said Exxon Mobil did not estimate the size of the find in a filing with Brazil’s National Petroleum Agency.

The company said it was drilling one well and planned another, according to Agencia Brasil. A Brazilian division of Exxon told the news agency other details were confidential.

Exxon has a 40% stake in the block under exploration. Agencia Brasil said US-based Hess Corporation had a 40% stake and Brazil’s Petroleo Brasileiro held 20%.