Royal Dutch Shell secures 35-year contract for Satumo block in Brazil
Shell will pay its share of the total signing bonus for the block, equating to approximately $390 million.
With the addition of the Saturno block (Shell 50% operating, Chevron 50%) won today at the Fifth Pre-Salt Bid Round, Shell increases its total net acreage off the coast of Brazil to approximately 2.7 million acres. Shell will engage with Chevron to define specific plans for exploration drilling in the area won today.
Shell is a major oil and gas producer in Brazil with a clear strategy to continue developing an industry leading portfolio of pre-salt acreage through exploration. The company plans to drill the Alto de Cabo Frio West and South Gato do Mato pre-salt fields in the Santos Basin next year and is proceeding with seismic studies to mature two exploration blocks awarded earlier this year. ■