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Shell to invest $10 billion in Brazil

Friday, 11 November 2016

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BRASILIA: Royal Dutch Shell Plc will invest $10 billion in Brazil over five years now that the country has increased opportunities for foreign companies in its oil industry, its chief executive officer said on Thursday.

Already the largest foreign investor in Brazil, Shell is particularly encouraged by recent legislation that increases the role of private oil companies in the tapping of vast off-shore oil deposits in the subsalt layer.

This was a good move by the government and it will open up opportunities for more players to invest in Brazil.

Shell is already a major subsalt player as a Petrobras partner in the massive Libra oil field, and acquired more assets in Brazil through its merger with rival BG Group.

New investments could be made by Shell in oil industry auctions planned next year and the company will look at opportunities in distribution at a time that Petrobras is considering selling a big stake in its subsidiary BR Distribuidora.

Source by: Internet

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