36456
Shell: Brazil's Offshore Output to Quadruple by 2020
Energy

Shell: Brazil's Offshore Output to Quadruple by 2020

Royal Dutch Shell, Europe's largest oil company, expects to make robust investments in Brazil's offshore sector, hoping to quadruple oil and gas output there by the end of the decade, its chief executive officer said on Monday.
CEO Ben van Beurden spoke in Brazil shortly after Shell's $52 billion takeover of rival BG Group Plc, approved in late January, took effect, Reuters reported. He said Brazil will be a key area for the Anglo-Dutch company as it focuses its expanded operations in liquefied natural gas and deepwater oil production.
"We believe in the strong fundamentals of Brazil and the fundamentals of its geology," Van Beurden told reporters in Rio de Janeiro. "We will be looking at a substantial part of our production from Brazil."
By adding BG's large Brazilian offshore assets, Shell's local output rose sixfold to about 240,000 barrels of oil and natural gas equivalent a day (boepd), or 13% of its total of 1.8 million boepd.
A quadrupling of its Brazilian output would boost production to nearly 1 million bpd by 2020. Shell is already Brazil's No. 2 producer after state-led Petroleo Brasileiro SA, or Petrobras.
The BG takeover also makes Shell the world's largest trader of LNG. While it sells LNG to Petrobras for the Brazilian market, van Beurden and his Brazilian deputy, Andre Araujo, declined to say if they want to buy Petrobras' natural gas assets, some of which are for sale. Brazil's importance to Shell is expected to increase as it moves ahead with giant subsalt projects such as Libra, which it is developing with Petrobras, France's Total SA, China's CNOOC and CNPC.

 

Short URL : http://goo.gl/B05bRi
  1. http://goo.gl/qw00Dv
  • http://goo.gl/O83LsX
  • http://goo.gl/uDW6n9
  • http://goo.gl/ttPbMK
  • http://goo.gl/G02oo1

You can also read ...

IDRO, Chinese Firm Sign PV Panel Deal
The Industrial Development and Renovation Organization of Iran...
A view of the South Pars Gas Field in Kangan, Bushehr Province
Pushing its multibillion-dollar Iran venture on several fronts...
Norwegians Discussing Wind, Solar Joint Deals
In line with efforts to enhance the country's renewable power...
OPEC Denies Controlling Oil Market
The global oil market is not controlled by the Organization of...
More Than 5% of Aramco May Be Offered Beyond IPO
Saudi billionaire investor Prince Alwaleed Bin Talal on Monday...
The market is in a tug of war between short-term bullish drivers and concerns for market rebalancing.
Oil prices held on to last week’s gains on Monday, supported...
NIOC Making Decision on Changuleh Joint Oilfield
The National Iranian Oil Company is weighing up whether to...

Trending

Googleplus