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    Brazil hands out exploration licences: press

Summary

Shell was among the winners in the licensing round, expected to generate $86.6mn in exploration-stage investments.

by: Callum Cyrus

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Complimentary, Natural Gas & LNG News, Americas, Top Stories, Security of Supply, Energy Transition, Corporate, Import/Export, Political, Licensing rounds, News By Country, Brazil

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Brazil hands out exploration licences: press

Brazil has signed off on 59 oil and gas exploration licences in its latest licensing round, awarding contracts to a total of 13 upstream companies, Reuters reported on April 13.

The winners included Shell, TotalEnergies and local upstream player 3R Petroleum. Shell received six blocks in the Santos basin in partnership with Columbia's Ecopetrol, while TotalEnergies secured two agreements in the same area. 3R Petroleum received six licences in the Potiguar basin.

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Shell said the awards marked a milestone for its efforts to expand Brazilian output, which already accounts for around 13% of its global oil and gas portfolio. The UK-headquartered major now owns more than 30 hydrocarbon contracts in Brazil.

Brazilian authorities estimate investors will spend 406.3mn reais ($86.6mn) during the exploration stage of the awarded contracts. The areas licensed out are located across six Brazilian states.

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