Thursday, 9 September 2010

Shell to sell offshore blocks in Brazil

Shell is to sell its stake in four Brazilian offshore blocks, BS-4, BM-S-8, BM-S-45 and BM-ES-28, and a field in the deep-water pre-salt region. The projects include investments by Petrobras, Chevron, Galp and Brazilian miner Vale. The company holds 20 per cent of the BM-S-8 block in the pre-salt region that includes the Bem-Te-Vi discovery.

"Shell reaffirms that it continues to see Brazil as a key area for exploration and production. This initiative has no impact on our vision for Shell's future growth and development in the country,” said a Shell spokesperson.

Shell's decision to sell off its assets comes shortly after Brazilian government sought congressional approval to revise the country's oil laws to increase state control of Brazil's new-found oil wealth.

Source: Reuters

For more news and expert analysis about Brazil, please see Brazil Focus.

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