Partial sale of OGX oil well to ExxonMobil approved

The Brazilian government Thursday approved U.S. oil giant ExxonMobil’s bid to purchase a 35-percent stake in an offshore oil well licensed to Brazil’s financially troubled OGX, local media reported.

The well lies within the POT-M-475 maritime block in the Potiguar basin off the coast of Brazil’s northeastern state of Rio Grande do Norte. The block was acquired by OGX at an auction in May.