17 February 2019

Shell fends off Sinochem bid for Brazil project, report says

Royal Dutch Shell Plc and India’s Oil & Natural Gas Corp. expanded oil production at a project off Brazil after blocking a Chinese bid for a stake in the venture, Bloomberg reported on Wednesday. The partners, together with Brazil’s Petroleo Brasileiro SA, started output at the Argonauta O-North field, the report said, citing a statement from The Hague-based Shell. Production is expected to peak at 35,000 barrels of oil equivalent a day. Shell and ONGC are expanding off Brazil after last month pre-empting a US$1.54 billion bid by Sinochem Group for a stake held by Petrobras in their Parque das Conchas venture, which includes Argonauta, the report said.

– Contact HKEJ [email protected]



EJI Weekly Newsletter

Please click here to unsubscribe