Thursday 14th of April 2022 08:57:16 AM

Shell, TotalEnergies win contracts in latest Brazil oil tender

Giant Semi-submersible drilling rig Ocean Monarch refitting at Fremantle Sharkyjones/iStock Editorial via Getty Images Shell (NYSE:SHEL) and TotalEnergies (TTE) were among the winning bidders in Brazil's oil auction held Wednesday that offered 59 exploration blocks, including several in the Santos Basin and several in the Potiguar Basin, OilPrice.com reports. Shell (SHEL) won the rights to explore in six blocks in the Santos Basin in a consortium with Ecopetrol (EC), while TotalEnergies (TTE) won the rights for two blocks in the same basin. Shell (SHEL) said the auction represented "another milestone" in its focus on Brazil, which accounts for ~13% of its global oil and gas production; with the new acquisitions, Shell now holds more than 30 oil and gas contracts in Brazil. Shell (SHEL) struck a relatively upbeat tone in its recent Q1 earnings preview, anticipating improved refining margins and consolidated production broadly in-line with guidance. .

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