Shell is to sell its stakes in four Brazilian offshore blocks, including a field in the vast deepwater subsalt region.
The company will sell its stakes in the BS-4, BM-S-8, BM-S-45 and BM-ES-28 blocks, which have investments from Petrobras, Chevron, Portugal’s Galp and Brazilian miner Vale.
Shell owns 20% of the BM-S-8 block in the subsalt region, which is estimated to hold 50 billion to 100 billion barrels of oil.
Shell said selling its stakes will have no impact on its vision for its future growth and development in the country, reports Reuters.
Brazil seeks congressional approval to revamp the nation’s oil laws in order to increase state control of its new-found oil wealth.