Shell’s Brazil Wells Come Up Dry & More News Here

Three exploration wells that Shell has drilled in Brazil in hopes of constructing the following massive discovery have come up dry, Bloomberg has reported, citing an analyst with Wood Mackenzie.

This newest flip of occasions provides to dangerous information for Brazil and supermajors’ plans to show it into the following scorching spot in oil.

Shell and several other companions paid $1 billion for drilling rights for 3 offshore blocks in Brazil and spent three years drilling exploratory wells. None of them turned up commercially viable volumes of oil, Marcelo de Assis, chief of Latin America upstream analysis at Wood Mackenzie, informed Bloomberg.

Exxon beforehand suffered even higher losses, of about $1.6 billion, when its personal exploratory wells drilled in Brazilian waters over the previous three years turned out unviable.

These developments are casting a thick shadow over the anticipated growth of crude oil manufacturing in Brazil due to its prolific presalt offshore zone. However, some imagine all the massive discoveries have already been made.

“In Santos and Campos, the big discoveries have already been made,” Adriano Pires, who was one of many candidates for brand new chief govt of Petrobras, informed Bloomberg. “In the Equatorial Margin, we could still have surprising discoveries.”

Meanwhile, Petrobras can be drilling. Earlier this month, BNAmericas reported the Brazilian state-owned oil main deliberate to drill three offshore wells this 12 months in two offshore blocks.

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According to the Bloomberg report, nevertheless, for the reason that discovery of fields corresponding to Mero and Buzios within the Santos Basin, all of Petrobras’s finds have been comparatively minor. The virtually 100-percent success price in discoveries that the Brazilian firm boasted a decade in the past is now lengthy gone. Now, the success charges have fallen to what seems to be the typical for the business, at just a little over 1 / 4 of all wells drilled.

By Irina Slav for Oilprice.com

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