by Daniel J. Graeber
Washington (UPI) Oct 11, 2017
Royal Dutch Shell said it was selling its stake in a Brazilian gas distribution company so it could better focus on other parts of the country's energy sector.
For $380 million, Shell said it was selling off its 16.8 percent stake in gas distribution company Companhia de Gas de S√Pounds o Paulo, known also as Comg√°s, to Brazilian energy company Cosan Ltd.
Shell said it would still keep an active portfolio in Brazil after the exit, including in the country's lucrative deep water oil basins.
"This transaction allows us to focus our efforts in Brazil on areas where we see the most strategic value for Shell longer-term," Maarten Wetselaar, Shell's director for new energy and integrated gas, said in a statement Wednesday.
Brazil is expected to be second-only to the United States in terms of growth in oil production from countries outside the Organization of Petroleum Exporting Countries this year. The Santos basin offshore Brazil holds between 700 million and 1.3 billion barrels of oil equivalent, though production is complicated because most of Brazil's offshore oil reserves are referred to as pre-salt, meaning they are situated below a thick layer of salt on the ocean floor
The Dutch supermajor in September said it formed a "true partnership of spirit" with a Brazilian oil company Petroleo Brasileiro, known also as Petrobras, for work in deep Brazilian waters. Shell already has a partnership with Petrbras to work in a group of fields in the broader Santos basin off the Brazilian coast.
Shell, trimmed down after a merger last year with British energy company BG Group, reported a strong rebound so far in 2017, after turning in one of its weakest performances in more than a decade last year.
Net profit for the second quarter was $3.6 billion, up from the $1 billion reported for the second quarter 2016. From the first quarter, however, net profit is down about 4 percent.
Washington (UPI) Oct 10, 2017
Norwegian energy major Statoil will start using liquefied natural gas as a maritime fuel at the port of Rotterdam by the next decade, a French gas company said. French energy company ENGIE and its Japanese consortium partners said they were selected by Statoil to supply LNG as fuel for four crude shuttle tankers at the Norwegian port of Rotterdam. "The four planned dual fuel vess ... read more
All About Oil and Gas News at OilGasDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|