Shell Commits to Brazilian Offshore Oil Venture
(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)
