
Royal Dutch Shell will invest more than $1.6bn in the second phase exploration of a key Brazilian oil block and also plans to compete in the countrys next auction of oil and gas concessions, senior company figures have disclosed.

An oil rig in Guanabara bay, Rio de Janeiro Photo: Alamy
By Robin Yapp, in Sao Paulo 7:07PM BST 21 Sep 2011
Already Brazils second biggest oil producer after the state-run energy giant Petrobras, Shell has had impressive results in the Campos Basin, part of Brazils pre-salt oil fields that lie deep below the Atlantic ocean and a thick layer of salt.
Production in the area has been 30pc higher than anticipated, convincing Shell to make substantial further investment in the hope of seeing similarly impressive results.
Andre Araujo, president of Shell Brazil, said the second phase development of the BC-10 block in the Campos Basin in which Shell has a 50pc share and is believed to hold 400m barrels of recoverable oil – will start next year. read more
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