Plan for Alto de Cabo Frio Oeste approved/Shell plans to drill this year an exploratory well in the pre-salt area of ​​the Santos Basin

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2/4/19

The ANP approved the Shell’s exploration plan in Alto de Cabo Frio Oeste, in the pre-salt of the Santos Basin. The oil company informed BE Petróleo that it plans to drill this year an exploratory well in the asset, acquired in the third round of production sharing, in 2017.

The company’s expectations for Brazil are positive. In an interview with analysts on Thursday, Shell CEO Ben van Beurden said he was willing to take more risks in the country.

“Brazil is among the top three countries most important to us in terms of value and cash flow. We are extremely happy with our position, “said Beurden.

The executive stressed that the agenda of the new president, Jair Bolsonaro, and his Minister of Economy, Paulo Guedes, is favorable to the industry. A meeting between them is scheduled for March.

Shell has been heavily investing in the assets of the pre-salt, having bought blocks in all five rounds of the production-sharing auctions.

The Anglo-Dutch operator operates in the southern areas of Gato do Mato (80%), Alto de Cabo Frio Oeste (55%) and Saturno (50%) and participates in the Lula, Sapinhoá, Lapa, Berbigão, Sururu and Atapú Oeste.

In the Campos Basin, Shell operates the Ostra, Abalone and Argonauta fields, which forms the Parque das Conchas, and the fields of Bijupirá and Salema.

Financial result

In 2018, Shell reported net income of $ 23.35 billion, an increase of 80% over the previous year. Annual revenue was $ 396.6 billion, up 27% on the same basis of comparison. In the fourth quarter, net income was US $ 5.6 billion (+ 47%) and revenues, US $ 104.6 billion (+ 18.7%).

Source: Brazilian Energy Magazine

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