Published by Global Banking and Finance Review
Posted on December 9, 2025
2 min readLast updated: January 20, 2026
Shell seeks to sell a 20% stake in its Brazilian oilfield cluster to fund offshore development while staying as the operator.
Dec 9 (Reuters) - Shell is seeking a buyer for a 20% stake in its Brazilian oilfield cluster to help fund a multibillion-dollar offshore development, Bloomberg News reported on Tuesday, citing sources.
Shell declined to comment on the report, when contacted by Reuters.
Shell held a 50% stake in Gato do Mato, which is a deepwater project offshore Brazil, and acquired a further 20% stake in the project from TotalEnergies in June.
Shell is now seeking to raise funds while remaining the project's operator, the report added, citing people familiar with the matter.
Gato do Mato, which has a capacity of 120,000 barrels of oil per day, is a key asset to Shell's wider goal of maintaining a position among Brazil's largest oil producers.
Shell along with Petrobras had also secured two offshore areas in Brazil's Mero and Atapu fields in an oil auction held last week by state-run firm PPSA.
The two fields at Gato do Mato, which were re-named Orca and Sul de Orca after they were declared commercial, account for about 10% of Shell's Brazil portfolio, the report said, citing Welligence.
(Reporting by DhanushVignesh Babu and in Bengaluru and Stephanie Kelly in London; Editing by Tasim Zahid and Shailesh Kuber)
A stake in an oilfield refers to the ownership percentage a company holds in the oil production rights and operations of that field, influencing its share of profits and decision-making.
Offshore development involves the exploration and extraction of oil and gas resources located beneath the ocean floor, often requiring advanced technology and significant investment.
A deepwater project refers to oil and gas extraction operations conducted in deep ocean waters, typically at depths greater than 1,000 feet, requiring specialized equipment and expertise.
The capacity of an oilfield refers to the maximum amount of oil that can be produced from that field, often measured in barrels per day.
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