Shell is confident that it can produce oil from Brazil’s promising prolific pre-salt layer for less than $40 per barrel, that’s why the supermajor is taking part in this week’s Brazilian auction, Wael Sawan, Executive Vice President Deepwater at Shell, told Reuters on Wednesday. The pre-salt layer holds high-quality and prolific oil reserves, and recent Brazilian reforms have made them more attractive assets, Sawan told Reuters on the sidelines of an oil industry event in Rio de Janeiro. Shell believes that it can extract oil from those fields below its targeted breakeven cost of $40 a barrel, otherwise it would not have taken part in the auction, Shell’s manager noted. “I think what Brazil really has going for it is a naturally blessed subsurface that allows it to compete with the best of what’s out there in the world,” Sawan told Reuters. Brazil will hold on October 27 the […]