LONDON, Oct. 25 (UPI) — Royal Dutch Shell announced it was investing in developments in the deep waters off the coast of Brazil in order to enhance its American portfolio.
Shell said it was investing an undisclosed sum to support a second phase of development of the Parque das Conchas basin about 62 miles off the coast of Brazil.
Shell began operating in the region in 2009. The second phase envisions drilling to roughly 3,600 feet below the sea bed, 6,000 feet below the surface of the water.
The entire offshore project is expected to yield about 100,000 barrels of oil equivalent per day, the company said.
“This is another important milestone in our delivery of substantial growth in the Americas,” said Marvin Odum, upstream director for Shell, in a statement.
The company added that production for the first phase at Parque das Conchas was above expectations.
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