RIO DE
JANEIRO, March 21, 2025 /CNW/ -- Shell Brasil
Petróleo Ltda. (Shell Brasil), a subsidiary of Shell plc, has taken
the Final Investment Decision (FID) for Gato do Mato, a deep-water
project in the pre-salt area of the Santos Basin, offshore
Brazil.
The Gato do Mato Consortium includes Shell (operator with a 50%
stake), Ecopetrol (30%), TotalEnergies (20%) and Pré-Sal Petróleo
S.A. (PPSA) acting as the manager of the production sharing
contract (PSC). The development plan includes the installation of a
floating production storage and offloading (FPSO) vessel and is
designed to produce up to 120,000 barrels of oil per
day. Current estimated recoverable resource volumes of the
Gato do Mato development are approximately 370 million barrels.
"Gato do Mato is an example of our ongoing investment in
increasingly efficient projects," said Zoë Yujnovich, Shell's
Integrated Gas and Upstream Director. "The project contributes to
maintaining stable liquids production from our advantaged Upstream
business, and expands our leadership as the largest foreign
producer in Brazil as we continue
working to provide for the world's energy needs well into the
future."
The consortium anticipates that the Gato do Mato field will
commence operations in 2029.
Notes to editors
- Located in the Santos Basin, the Gato do Mato project is a
pre-salt gas-condensate discovery that covers two contiguous
blocks: BM-S-54, a concession contract entered into in 2005, and
Sul de Gato do Mato, a production
sharing agreement obtained in 2017.
- Initial operations will involve the reinjection of natural gas
for reservoir pressure support, with future optionality to export
gas to onshore facilities.
- The blocks are offshore Brazil
from the Rio de Janeiro coast, in
water depths ranging from 1,750 to 2,050 metres.
- Resource volumes are 100% total gross and a P50 estimate under
the Society of Petroleum Engineers' Petroleum Resources
Classification System. P50 means there is a 50% probability of the
estimate being lower and a 50% probability of being higher.
- The investment in Gato do Mato is expected to generate an
internal rate of return (IRR) in excess of the hurdle rate for
Shell's Upstream business.
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are sometimes used for convenience where references are made to
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term "Shell interest" is used for convenience to indicate the
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third-party interest.
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the emissions associated with the production and use of energy
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only controls its own emissions. The use of the terms Shell's "Net
Carbon Intensity" or NCI are for convenience only and not intended
to suggest these emissions are those of Shell plc or its
subsidiaries.
Shell's net-Zero Emissions Target
Shell's operating
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is currently outside our planning period. In the future, as society
moves towards net-zero emissions, we expect Shell's operating plans
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accomplished without unreasonable effort. Non-GAAP measures in
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consolidated financial statements.
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SEC. Investors are urged to consider closely the disclosure in our
Form 20-F, File No 1-32575, available on the SEC
website www.sec.gov.
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SOURCE Shell
