• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 3 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 1 day "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 4 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days Demonising fossil fuels has caused major grid problem in Australia
  • 5 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 7 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 331 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)

Shell, Petrobras To Cooperate In Developing Brazil’s Pre-Salt Fields

Shell and Petrobras have signed an agreement to set up a long-term cooperation initiative to develop pre-salt fields in Brazil, the Anglo-Dutch oil major said on Monday.

Under the memorandum of understanding (MoU), Shell and Petrobras will share expertise and experience in technical and operational solutions, contract management, cost efficiency initiatives, and deepwater experience. The cooperation deal is for five years and can be additionally extended.

“Competitive growth of deep-water resources remains key to our company’s strategy for decades to come, and we’re very pleased to advance the technical and operational benefits of our joint-ventures with Petrobras in Brazil,” Wael Sawan, Executive Vice-President, Deep Water at Shell, said. 

Shell is a strategic partner of Petrobras in the pre-salt layer, holding minority interests in the Libra and Lula fields and in other areas such as Sapinhoá, Lapa, and Iara, all of which are located in the Santos Basin.

Currently, Petrobras and Shell are partners in ten exploration and production consortia, each operating in five blocks, according to Petrobras’ press release on the agreement. 

In May this year, Shell started deep-water production at the floating production storage and offloading (FPSO) P-66 at Lula South in the Santos Basin. Shell holds a 25-percent stake in the consortium developing the Lula field in the BM-S-11 block, while Petrobras is the operator of the field with a 65-percent interest. Galp, through its subsidiary Petrogal Brasil, holds the remaining 10-percent stake. The P-66 can process up to 150,000 barrels of oil and 6 million cubic meters of natural gas per day.

Brazil’s pre-salt layer, considered one of the most promising energy assets for development offshore the country, has attracted the interest of ten oil companies that have registered to bid on eight blocks in the Santos and Campos basins in Brazil’s second and third oil exploration rights auctions, scheduled to take place on October 27.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News