Shell Signs PSC to Acquire 25% of Atapu Field

Shell Brasil Petróleo Ltda.(Shell Brasil), a subsidiary of Shell plc, has signed the production sharing contract (PSC) with Petrobras to acquire a 25 % stake of the Atapu field.

Shell said that the transaction worth is $1.1 billion and will start receiving its additional share of oil from the field.

“This transaction is the latest proof point of our commitment to further strengthening our advantaged deep-water positions in Brazil,” said Zoe Yujnovich, Shell Upstream Director. “With a leading global deep-water portfolio, this stake in the Atapu field directly supports our Powering Progress strategy to deliver the stable, secure energy resources the world needs today while investing in the energy of the future.”

According to the company statement, Shell’s Powering Progress strategy involves ramping up investments in lower-carbon energy solutions, while striving to seek competitive, high-return upstream investments in order to maintain material cash delivery into the 2030s which will support its dividend and finance Shell’s transformation.

The company stated that its global deep-water portfolio represents two core positions in its upstream business with prolific basins in the US and Brazil, in addition to an impressive frontier exploration portfolio in Argentina, Suriname, Mexico, and West Africa.