Finance
Shell invests in Brazilian offshore project
Published by Global Banking & Finance Review®
Posted on March 21, 2025
1 min readLast updated: January 24, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on March 21, 2025
1 min readLast updated: January 24, 2026
Shell invests in Brazil's Gato do Mato project, aiming for 120,000 barrels per day by 2029. Partners include Ecopetrol and TotalEnergies.
(Reuters) - Shell said on Friday it has taken the final investment decision for Gato do Mato, a deepwater project offshore Brazil with a capacity of 120,000 barrels of oil per day, where first oil is expected to flow in 2029.
Shell, the operator of the project, owns a 50% stake in Gato do Mato, while Ecopetrol and TotalEnergies hold 30% and 20% stakes, respectively.
The project plan includes the installation of a floating production storage and offloading vessel. The current estimated recoverable resource volumes of the development are about 370 million barrels, Shell said in a statement.
Shell declined to comment on the sum of its investment.
Located in the Santos Basin, the Gato do Mato project is a pre-salt gas-condensate discovery that covers two neighbouring blocks offshore the Rio de Janeiro coast.
(Reporting by Aby Jose Koilparambil in Bengaluru and Shadia Nasralla in London; Editing by Shreya Biswas)
The main topic is Shell's investment in the Brazilian offshore oil project, Gato do Mato, with production expected by 2029.
Shell's partners in the Gato do Mato project are Ecopetrol, holding a 30% stake, and TotalEnergies, with a 20% stake.
The Gato do Mato project is located in the Santos Basin, offshore the coast of Rio de Janeiro, Brazil.
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