Royal Dutch Shell, Europe's largest oil company, announced at Latin Oil Week that it is planning a second phase for its BC-10 offshore block off the coast of Brazil, a move aimed at boosting the company's Brazilian output. The Anglo-Dutch oil giant is looking to increase its output at the block by 2013.
The expansion plan will add about 30,000 barrels per day at BC-10, also known as Parque das Conchas, in 2012 or 2013, the Wall Street Journal reported, citing Shell executive Max Brouwers. Shell (RDS-A) owns 50% while Petrobras (PBR), Brazil's state-run oil firm, and India's Oil & Natural Gas Corp. are partners.
Shell, as is the case with several of its European and U.S. rivals, has not been shy about its desire to expand in oil-rich Brazil and it would not be surprising to see the company among the bidders in the oil auctions being planned by Brazil's government for the third quarter.
''We're very optimistic about the future (in Brazil),'' Brouwers said, according to the Journal.