SOUR DEAL.Petrobras PETROBRAS Petróleo Brasileiro SA (Brazilian oil company) broke off negotiations with Exxon to develop a US$1.5 billion gas and petroleum project in the offshore Campos Basin Campos Basin is a petroleum rich area located offshore of Rio de Janeiro, Brazil. It has a total area of 100,000 km², with 40 fields discovered and operated by Petrobras. Two major oil fields are Marlim and Albacora. . Under the agreement, Exxon was to have operated the block with a 30% equity stake. Petrobras was to hold a 35% stake, Shell a 15% stake, and Marubeni and Japex, 5% each. The U.S.-based oil company refused to comment on where the deal went wrong, but an anonymous Petrobras source told Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance that the two companies had considerable differences over cost projections for the field and that Exxon had been pushing for reduced government participation. The Brazilian state-run oil enterprise is now seeking new partners to develop the field off the coast of the state of Rio de Janeiro Rio de Janeiro, city, Brazil Rio de Janeiro (rē`ō də zhänā`rō, Port. rē`  thĭ zhənĕē`r , which contains estimated reserves of more than
600 million barrels of crude oil.
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