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

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Velesto’s Jack-Up Rig Set for Drilling Job off Indonesia

Velesto’s Jack-Up Rig Up for Drilling Job Offshore Vietnam

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Borr Drilling Bags Three New Assignments for its Jack-Up Drilling Rigs

CNOOC Makes Major Oil and Gas Discovery in South China Sea

Sapura Energy Nets $720M from Multiple Drilling Services Contracts

Eco Wave Finds Partner for Wave Energy Project in India

Current News

MODEC, Carbon Clean to Advance FPSO-Mounted Carbon Capture Tech

Aker Solutions, PTAS JV Hooks Brownfield Services Extension off Brunei

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Azeri SOCAR Plans New Agreements with Oil and Gas Majors

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Fugro Lands Deepwater Gas Field Job in Southeast Asia

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

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