Andrada Mining acquisition elevates the miner to emerging mid-tier status. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksShell Share News (SHEL)

Share Price Information for Shell (SHEL)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 2,834.00
Bid: 2,835.00
Ask: 2,836.00
Change: 20.50 (0.73%)
Spread: 1.00 (0.035%)
Open: 2,835.50
High: 2,855.00
Low: 2,827.50
Prev. Close: 2,813.50
SHEL Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Newcomer Elysian, Petrobras notch big wins in Brazil oil auction

Wed, 13th Dec 2023 23:16

RIO DE JANEIRO, Dec 13 (Reuters) - Oil companies including Elysian along with veterans Petrobras and Chevron snapped up the most blocks up for grabs in Brazil's latest offshore oil auction marked by climate protests, as the South American nation looks to replenish reserves with new discoveries.

Oil regulator ANP ran the tender that assigned 192 exploration and production areas out of more than 600 on offer, with newcomer Elysian winning 122 of them.

The government will receive nearly 500 million reais ($102 million) from the blocks auctioned, mostly from contracts for areas in the deep water Pelotas Basin along Brazil's southern coast.

State-run Petrobras secured 29 blocks in the deep water basin, all as operator with consortium partner Shell . In three of them, China's state-owned CNOOC also formed part of the winning group.

"We achieved a very successful strategy... We entered a border area with little probability of having environmental problems," said Petrobras CEO Jean Paul Prates, describing the area as "very prolific."

U.S. major Chevron also won rights in 15 blocks in the same basin.

Elysian is based in Minas Gerais state and was created only in August to compete in the auction. Its winning bids stretched across three other offshore basins - Potiguar, Espirito Santo and Sergipe Alagoas.

Outside the Rio de Janeiro hotel where the auction took place, climate activists loudly protested the push to keep pumping more fossil fuels, linked by scientists to catastrophic global warming, demanding an immediate transition to clean energy.

"The signals that the Brazilian government is sending to the international community with an oil auction a day after the (the global climate meetings in Dubai) are the worst possible," said Marcelo Laterman, coordinator of Greenpeace's Oceans Front.

In his opening speech, ANP head Rodolfo Saboia acknowledged the auction may seem like a contradiction, but he argued the world's dependence on fossil fuels will not be eliminated in five or ten years.

He added that new oil and gas exploration is needed to avoid falling oil production over the next decade.

Brazil is Latin America's top crude oil producer, followed by Mexico, Colombia and Venezuela.

In the offshore Santos Basin, Karoon won a pair of blocks, while CNOOC and Norway's Equinor won the other two alone.

Five more blocks in Brazil's pre-salt offshore areas were also auctioned under a sharing regime, with BP winning the rights for the only one that received bids in the Santos Basin. ($1 = 4.9256 reais) (Reporting by Marta Nogueira and Rodrigo Viga Gaier; Writing by Peter Frontini; Editing by Jonathan Oatis, Leslie Adler and Josie Kao)

More News
10 Apr 2024 09:01

LONDON BROKER RATINGS: Exane BNP raises Shell to 'outperform'

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning:

Read more
10 Apr 2024 08:43

PRESS: Shell former head believes US listing is more beneficial

(Alliance News) - Shell PLC's former Chief Executive Ben van Beurden said he believes the company is "massively undervalued" in London.

Read more
9 Apr 2024 16:53

LONDON MARKET CLOSE: Stocks struggle in nervy trade before US data

(Alliance News) - European equities closed lower on Tuesday, with sentiment downbeat ahead of Wednesday's US inflation reading, though impetus could be found in gold, which hit another record high.

Read more
9 Apr 2024 12:00

LONDON MARKET MIDDAY: FTSE 100 treads water despite boost from miners

(Alliance News) - Equities in London lacked impetus heading into Tuesday, as investors moved with caution ahead of a US inflation print on Wednesday and the European Central Bank's interest rate decision a day later.

Read more
9 Apr 2024 10:21

PRESS: Shell could make London exit if value gap to US does not close

(Alliance News) - Shell PLC fired a warning shot to that it could be prepared to move its listing to the US in a fresh blow to London's financial centre.

Read more
9 Apr 2024 07:51

BP expects rise in first-quarter upstream energy output

April 9 (Reuters) - BP said on Tuesday it expects first-quarter upstream production of both oil and gas as well as low-carbon energy to be higher than the previous three months.

Read more
7 Apr 2024 23:27

Shell, Aramco in final stage of Pavilion Energy talks- sources

LONDON/SINGAPORE, April 5 (Reuters) - Shell and Saudi Aramco, which are competing to buy the assets of Temasek-owned liquefied natural gas (LNG) trading firm Pavilion Energy, are now locked in price negotiations after completing the due diligence process, three sources with knowledge of the matter said.

Read more
5 Apr 2024 17:14

Europe's STOXX 600 at two-week low in broader market decline

Euro STOXX volatility index hit highest level since Nov

*

Read more
5 Apr 2024 16:55

LONDON MARKET CLOSE: US jobs growth adds to flagging hopes on Fed cuts

(Alliance News) - Stock prices in London closed firmly down on Friday, hit by concerns that the US Federal Reserve may cut interest rates later than hoped this year.

Read more
5 Apr 2024 15:22

London close: Stocks finish lower as US payrolls top forecasts

(Sharecast News) - London markets closed lower on Friday amid a backdrop of heightened investor caution, following robust US job data for March, hawkish remarks from Federal Reserve officials, and escalating tensions in the Middle East.

Read more
5 Apr 2024 13:41

Shell, Aramco in final stage of Pavilion Energy talks- sources

LONDON/SINGAPORE, April 5 (Reuters) - Shell and Saudi Aramco, which are competing to buy the assets of Temasek-owned liquefied natural gas (LNG) trading firm Pavilion Energy, are now locked in price negotiations after completing the due diligence process, three sources with knowledge of the matter said.

Read more
5 Apr 2024 12:00

LONDON MARKET MIDDAY: Stocks drop on Israel-Iran tensions and Fed talk

(Alliance News) - Stock prices in London were firmly down at midday on Friday, as rising tensions between Israel and Iran alongside doubts around the timing of US interest rate cuts hurt investor sentiment.

Read more
5 Apr 2024 08:47

LONDON MARKET OPEN: Europe slumps on US rate worry and rising tensions

(Alliance News) - Stocks in Europe had a downbeat start to the day on Friday, with investors unnerved by rising geopolitical tensions and hawkish remarks from US central bankers.

Read more
5 Apr 2024 08:32

TOP NEWS: Shell sees lower Integrated Gas performance in first quarter

(Alliance News) - Shell PLC on Friday cautioned results from its Integrated Gas division in the first-quarter are expected to be "significantly lower" than in the fourth, and said it expects write-offs worth USD600 million in its Upstream arm.

Read more
5 Apr 2024 07:50

LONDON BRIEFING: Shell to book USD600 million first-quarter write-off

(Alliance News) - London's FTSE 100 is called to open lower on Friday, with hawkish remarks from Federal Reserve policymakers and fears of ratcheting Middle East tensions giving investors little to cheer about ahead of the latest US jobs data.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.