Shell to exit Brazil block

Shell has agreed to sell a 20% interest in block BM-S-8 in the Santos basin offshore Brazil for $400 million.

Offshore staff

THE HAGUE, the Netherlands -- Shell has agreed to sell a 20% interest in block BM-S-8 in the Santos basin offshore Brazil for $400 million. The sale is subject to regulatory approvals.

Offshore Malaysia, the company has approved investment in the Sabah Gas Kebabangan (KBB) project (Shell 30%), designed to deliver 130,000 boe/d for Malaysia LNG and domestic markets. Kebabangan gas field is part of the Kebabangan Cluster production sharing contract.

Shell also has signed a global alliance agreement with China National Petroleum Co. (CNPC). The two parties plan to pursue mutually beneficial cooperation opportunities in China and internationally.

Additionally, they have agreed to establish a 50/50 well manufacturing joint venture, subject to further corporate and government approvals.

07/29/2011

More in Company News