Shell has announced its final investment decision for the Gato do Mato project, a significant deepwater endeavor located offshore Brazil, with an expected production capacity of 120,000 barrels of oil per day starting in 2029.
This project, situated in the Santos Basin, is classified as a pre-salt gas-condensate discovery and spans two neighboring blocks near the coast of Rio de Janeiro.
As the operator, Shell holds a 50 percent stake in Gato do Mato, while Ecopetrol and TotalEnergies own 30 percent and 20 percent stakes, respectively. The development plan includes deploying a floating production storage and offloading vessel, aimed at tapping into recoverable resource volumes estimated at around 370 million barrels.
While Shell has not revealed the total investment sum for the project, the decision marks a pivotal step in enhancing Brazil’s oil production capabilities, showcasing the increasing interest in its offshore oil reserves.