India's state-run Oil and Natural Gas Corp Ltd (ONGC) has struck a deal with ExxonMobil Corp to buy the oil major's 30 percent stake in Brazil's "Project Sugar Loaf", a company spokesman said on Monday.
"Our offer has been accepted by ExxonMobil and we are now working out the nitty-gritties of the deal," the spokesman said, confirming a newspaper report.
Last month, the Indian government had cleared ONGC's investment of up to $820 million for the deal.
The government had said the purchase would include paying $330 million to buy ExxonMobil's Brazilian subsidiary and $490 million as cash calls for its share of the project's cost, appraisal and further exploration.
ExxonMobil holds interests in two offshore blocks in Brazil's prolific Campos Basin, with a 30 percent stake in block BC-10, in which an oil discovery has been made with possible reserves of 400 million barrels.
Exxon's partners in BC-10 are Royal Dutch Shell and Brazilian state company Petrobras Block operator Shell aimed to declare it commercially viable this year.