LONDON (dpa-AFX) - Shell plc. (Shel), an oil and gas company's subsidiary Shell Brasil Petróleo Ltda. announced a decision to invest in Gato do Mato, a deep-water project in the pre-salt area of the Santos Basin.
The Gato do Mato field will start operations in 2029. The financial aspects of the investment is not revealed.
Shell expects the investment to bring an internal rate-of-return, above its required level for upstream business.
The development plan includes installing a floating production storage and offloading vessel, designed to produce up to 120,000 barrels of oil per day. The estimated recoverable resources are approximately 370 million barrels.
The Gato do Mato Consortium consists of Shell, which operates with a 50 percent stake. Pré-Sal Petróleo S.A. or PPSA manages the production sharing contract.
In the pre-market trading, Shell is 0.60% lesser at $71.52 on the Nasdaq.
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