Shell (SHEL) said Friday its Brasil subsidiary, Shell Brazil Petroleo, has joined a consortium holding stakes in the Gato do Mato deep-water project in the pre-salt area of the Santos Basin offshore of Brazil's Rio de Janeiro coast.
Financial details of the investment in joining the consortium weren't disclosed.
The Gato do Mato consortium now includes Shell, as operator of the project, with a 50% stake; Ecopetrol (EC), with a 30% stake; TotalEnergies (TTE), with a 20% stake and the Brazil government's public company under its Ministry of Mines and Energy, Pre-Sal Petroleo, acting as the manager of the contract, Shell said.
The project's recoverable resource volumes are estimated at about 370 million barrels. The project includes installation of a floating production storage and offloading vessel, and is designed to produce up to 120,000 barrels of oil per day once it is anticipated to begin operations in 2029, Shell said.
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