Shell to Invest in Brazilian Pre-Salt Oil Project

Dow Jones

03-21

By Katherine Hamilton

Shell is investing in Gato do Mato, a Brazilian deep-water project designed to produce up to 120,000 barrels of oil a day.

Shell said Friday its Brazilian subsidiary Shell Brasil Petróleo plans to invest in the project to hold 50% stake as an operator.

Gato do Mato, located in Santos Basin, is a pre-salt gas-condensate discovery expected to produce up to 120,000 barrels of oil per day. Current estimated volumes are around 370 million barrels.

Shell said operations are expected to commence in 2029. The development plan includes installing a floating production storage and offloading vessel.

By investing, Shell aims to generate an internal rate of return in excess of the hurdle rate for its upstream business.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

March 21, 2025 08:16 ET (12:16 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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