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Shell, Total apply environmental permits to drill in offshore blocks

Shell, Total apply environmental permits to drill in offshore blocks
Shell, Total apply environmental permits to drill in offshore blocks
Shell and Total have applied for environmental permits to drill in offshore blocks acquired during 16th bid round held in 2019 in Brazil. Federal environment regulator IBAMA has reportedly asserted that Shell applied to tap up to six wells in the Campos Basin C-M-659 block which may include up to four well-formation tests. While Shell has 40% operating stake in the C-M-659 block, Qatar Petroleum holds 25% minority share along with Chevron who own 35% minority share. These companies paid $163 million for the commitment to drill at least one well. Shell is contemplating drilling up to three wells in the C-M-713 block which may observe up to two well-formation tests. IBAMA anticipates Shell to start the campaign in 2022-2024. Total is reported to have applied to drill up to five wells in the Campos Basin C-M-541 block, incorporating three evaluation wells and two exploration wells. The campaign is expected to witness up to four well-formation tests. In what appeared to stun Petrobras, which remained at the helm of auctions and secured the acreage for which it placed a bid, Total captured the biggest prize of the 16th bid in the C-M-541 block of the Campos Basin. The winning consortium is reported to have pledged to drill two wells and spent Real 4.03 billion for rights to the block, scaling the commitment made by the Petrobras-led group. Total is said to have 40% operating stake, while Petronas and Qatar Petroleum will hold 20% and 40% shares respectively. ANP has stated that the C-M-541 block has the Nemo prospect that was perceived as the largest in the sale at a projected 6.87 billion barrels of unrisked crude. Brazil has permitted international oil companies to function subsalt fields sold under production-sharing contracts, encouraging to use services in exploration and development and in locally produced goods. Source credit: https://www.spglobal.com/platts/en/market-insights/latest-news/natural-gas/021920-shell-total-apply-to-drill-in-16th-bid-round-blocks-offshore-brazil-ibama

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Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.