Shell Plans to Invest $10 Billion in Brazil Over Next Five Years

11 Nov 2016   Brazil

Oil major Shell is planning to continue investing heavily in Brazil as part of a bid to double its global deep water production by the early 2020s. Shell plans to invest $10 billion in the South American nation over the next five years, Wael Sawan, the company’s executive vice president for deep water, said in an interview this week. That would come on top of the more than $30 billion in capital the company says it has deployed in Brazil, where it operates 5,500 energy stations and acquired a large number of oil-and-gas assets earlier this year via its takeover of BG Group PLC. “We are by far the largest foreign investor,” Mr. Sawan said. “Every single year we will be investing around $2 billion.” Foreign oil firms have been eyeing Brazil […]

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