Shell with major investment plans for Brazil: report
Brazil The company’s planned investments are not dependent on the results of the Brazilian presidential election, whose second round will take place on October 28, Wael Sawan, the executive vice-president for deepwater of the super-major, told newspaper Valor.
In 2003, Shell became the first IOC to begin commercial production in Brazil and now participates in nearly 30 oil and gas licences there, which together account for about 12-13% of the country’s overall production and 10-15% of the super-major’s global hydrocarbons output.
In Brazil’s 5th Pre-Salt Bidding Round in September, Shell partnered with Chevron to take the largest block on offer, Saturno, which contains an estimated 8.3 billion barrels of unrisked reserves.
Recent Posts
Iberdrola to triple offshore wind assets to $18 billion
Spain's Iberdrola plans to triple its offshore wind assets in the coming years, bringing their value to USD 18 billion,… Read More
Angola’s Azule Energy awards Saipem $850-million contract
Saipem has been awarded a USD 850-million contract for subsea works in Angola by local BP-Eni joint venture Azule Energy,… Read More
Arrow Exploration spuds new well in Colombia
Arrow Exploration has spud a new production well on the Tapir block in Colombia’s Llanos Basin, the company announced on… Read More
Petronas makes discovery off Suriname
Petronas has made a third oil and gas discovery in Suriname's offshore Block 52, the Malaysian company announced on Wednesday Read More
Japan’s JERA slates $32 billion for LNG, renewables, new fuels
Japanese power generation player JERA on Thursday announced plans to invest USD 32 billion in LNG, renewables and new fuels… Read More
Chevron planning UK North Sea exit
Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported… Read More