Shell to Invest $2 Bln Annually to Explore in Brazil

Thursday, October 18, 2018

Royal Dutch Shell plans to invest $1 billion to $2 billion annually in oil exploration and production in Brazil through 2025, Brazilian newspaper Valor Economico reported on Thursday.

The investment will be made regardless of the outcome of presidential election Oct. 28, Wael Sawan, executive vice president for Shell's deepwater division, said in an interview with Valor.

Shell is the no. 2 oil producer in Brazil, where oil majors have spent top dollar in recent months to lock in stakes in its prolific offshore pre-salt play, where billions of barrels of oil lie beneath a thick layer of salt under the ocean.

Shell did not immediately respond to a request for comment. 


Reporting by Alexandra Alper

Categories: Deepwater South America Offshore Energy Activity Subsea Drilling Geoscience

Related Stories

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Petronas to Leverage AI to Expedite Oil and Gas Exploration Activities

Aquaterra Energy Nets Subsea Analysis Contracts with INPEX off Indonesia

Saipem Bags $1.5B Contract for Türkiye Largest Offshore Gas Field

PTTEP Greenlights $320M Offshore CCS Project at Arthit Gas Field in Thailand

Marco Polo Picks Salt Ship Design for Next-Gen Offshore Energy CSOV

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

Current News

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Eni-Petronas Gas Joint Venture Up for Launch in 2026

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com