The exploration acreage was acquired through the company's successful participation in Brazil's seventh bid round. The blocks are located in shallow water areas of the Espírito Santo Basin. Shell will operate block ESM 438, with a 100% share, and partner with Brazil
's national oil company
Petrobras who will operate blocks ESM 411, 436 and 437. Shell was also successful in acquiring alone one deepwater area in Santos, block SM 518.
"We are pleased with the results of the bidding round, which builds on our existing portfolio, giving us an additional platform for growth. It reiterates our long-term commitment to Brazil and strengthens our relationship with Petrobras
," said John Haney
, Shell EP Vice
-President. "We understand that there will be many challenges ahead, but we are committed to work with the local stakeholders to expand the business in Brazil".
Haney also complimented the National Petroleum Agency
for running a transparent and successful process once again, emphasizing the importance of the decision made by the Brazilian Government
to maintain the one-year cycle for the promotion of bid rounds.