Shell and Chevron own equal stakes in the Saturno block

Shell Brazil Petróleo Ltda and bid consortium member Chevron Brasil Óleo & Gás Ltda won a 35-year production sharing contract Friday for the Saturno pre-salt block in the Santos Basin offshore Brazil, Shell reported.

“We are pleased to add another material, operated exploration position to our leading portfolio in one of the world’s most prolific deep-water areas,” Shell Upstream Director Andy Brown said in a prepared statement.

Shell and Chevron acquired Saturno in Brazil’s Fifth Production Sharing Round, offered by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP). The companies each own a 50-percent interest in the block and Shell will serve as operator. Shell noted that the new block increases its total net acreage off the coast of Brazil to approximately 2.7 million acres. It added that it will engage with Chevron to define exploration drilling plans.

Shell also stated Friday that next year it plans to drill the Alto de Cabo Frio West and South Gato do Mato pre-salt fields in the Santos Basin. The company plans to drill the Alto de Cabo Frio West and South Gato do Mato pre-salt fields in the Santos Basin. Also, the company reported that it is proceeding with seismic studies to mature two exploration blocks earlier this year. next year and is proceeding with seismic studies to mature two exploration blocks awarded earlier this year.

In a separate announcement, ANP stated that all four blocks in the Fifth Production Sharing Round have been acquired. In addition to Saturno, other blocks that were awarded include:

  • Teat, located in Santos Basin, went to ExxonMobil Brasil (64 percent) and QPI Brasil (36 percent)
  • Pau-Brasil, also located in Santos Basin, went to BP Energy (50 percent), Ecopetrol (20 percent) and CNOOC Petroleum (30 percent)
  • Sudoeste de Tartaruga Verde, located in Campos Basin, went to Petrobras

“It was the first production sharing round with more than one block on offer to have 100 percent of the areas acquired,” Décio Oddone, ANP’s director general, stated.





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