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Share Price Information for Shell (SHEL)

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Share Price: 2,814.50
Bid: 2,814.50
Ask: 2,815.00
Change: 23.50 (0.84%)
Spread: 0.50 (0.018%)
Open: 2,797.50
High: 2,817.00
Low: 2,796.50
Prev. Close: 2,791.00
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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)

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Mitsui says no decision yet on ADNOC LNG project tie-up after Nikkei report

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Oman LNG signs supply deal with TotalEnergies

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Investors push Equinor to align strategy with global climate goal

Comes as company plans to expand production

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22 Apr 2024 11:00

Investors push Equinor to align strategy with global climate goal

Comes as company plans to expand production

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Oman LNG signs supply deal with TotalEnergies

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Portugal's Galp says field off Namibia could contain 10 bln barrels of oil

LISBON, April 21 (Reuters) - Portuguese oil company Galp Energia said on Sunday it had concluded the first phase of exploration in the Mopane field off the coast of Namibia and estimated it could have at least 10 billion barrels of oil.

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18 Apr 2024 14:45

BP's gas and renewables boss steps down, as CEO shrinks leadership

LONDON, April 18 (Reuters) - BP said on Thursday its head of natural gas and low carbon energy Anja-Isabel Dotzenrath will step down after just over two years, while CEO Murray Auchincloss announced plans to simplify its management structure.

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LONDON MARKET MIDDAY: FTSE 100 up despite hawkish Fed rates outlook

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17 Apr 2024 18:58

Shell urges investors to reject shareholder group's climate demands

LONDON, April 17 (Reuters) - Shell on Wednesday urged shareholders to vote against an independent resolution, co-filed by a group of 27 investors, that called on the energy company to set tighter climate targets.

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17 Apr 2024 13:55

Shell urges investors to reject shareholder group's climate demands

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16 Apr 2024 22:25

Groningen gas field in Netherlands to shut down as Senate approves law

AMSTERDAM, April 16 (Reuters) - The Dutch Senate on Tuesday approved a law to permanently close the Groningen gas field, following the government's promise that production will never be resumed to limit seismic risks in the region.

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16 Apr 2024 10:00

German oil and gas output falls again in 2023

FRANKFURT, April 16 (Reuters) - Germany's domestic oil production fell 5.9% to 1.6 million metric tons in 2023 while gas output was down 10.4% at 4.3 billion cubic metres (bcm), industry association BVEG said on Tuesday.

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