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Shell boosts drilling at Brazil heavy oil cluster

 


 

By Argus

RIO DE JANEIRO
Petroleumworld 05 07 2019

Shell, Brazil's biggest private-sector oil producer, is drilling two new infill wells at the Campos basin post-salt cluster known as Parque das Conchas to maintain production levels.

Located in the Argonauta field, the wells will be connected to the 100,000 b/d floating production, storage and offloading (FPSO) unit Espirito Santo by year-end, a company spokesperson tells Argus.

The wells are part of the first enhanced-recovery effort in the cluster since a $1bn development phase in 2016, which produced mixed results.

The fields in the BC-10 cluster currently produce around 38,000 b/d of 18°-24°API crude with sulfur content of around 0.42pc.

Shell holds a 50pc operating stake in BC-10. Indian state-controlled ONGC Videsh holds 23pc and Qatar's state-owned QP has the remaining 27pc.

Heavy low-sulfur oil producers in Brazil are positioned to benefit from new marine fuel regulations that cap sulfur content at 0.5pc starting in January 2020. Shell's trading arm already has a sales agreement for the 13.2° API, 0.33pc crude produced at the Santos basin's Atlanta post-salt field, operated by Brazilian independent Enauta.

Post-salt acreage remains a small part of Shell's portfolio in Brazil, where the company has a deep pre-salt footprint.

After completing work in BC-10, the Brava Star drilling rig will move on to exploration wells in the pre-salt Sul Gato do Mato and Alto de Cabo Frio Oeste blocks—areas awarded during Brazil's second and third production-sharing rounds, respectively.

The company plans to invest around $2bn a year in Brazil over the next five years, executives have said.

Shell's chief executive Ben van Beurden is scheduled to hold his first meeting with Brazil's far-right president Jair Bolsonaro in Brasilia this week.

 


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Story from Argus Media.

argusmedia.com 05 06 2019

 

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