Shell Brasil Petróleo, a subsidiary of Shell plc, signed a Production Sharing Contract (PSC) to acquire a 25 percent stake of the Atapu field.
Shell paid $1.1 billion to Petrobras for the increased stake in the field. With the contract now signed, Shell will start receiving its additional share of oil from the field.
“This transaction is the latest proof point of our commitment to further strengthening our advantaged deep-water positions in Brazil,” said Zoe Yujnovich, Shell upstream director.
“With a leading global deep-water portfolio, this stake in the Atapu field directly supports our Powering Progress strategy to deliver the stable, secure energy resources the world needs today while investing in the energy of the future.
“Shell’s Powering Progress strategy includes increasing investment in lower carbon energy solutions, while continuing to pursue the most resilient, competitive, and highest return Upstream investments to sustain material cash delivery into the 2030s, to support our dividend and fund Shell’s transformation.
“Our global deep-water portfolio represents two core positions in our Upstream business with prolific basins in the US and Brazil, along with an exciting frontier exploration portfolio in Mexico, Suriname, Argentina, and West Africa.”
For more information visit www.shell.com