Shell plans Brazil asset sale to finance new deepwater project

Shell held a 50 per cent stake in Gato do Mato, which is a deepwater project offshore Brazil, and acquired a further 20 per cent stake in the project from TotalEnergies in June.

Shell is now seeking to raise funds while remaining the project’s operator, the report added, citing people familiar with the matter.

Gato do Mato, which has a capacity of 120,000 barrels of oil per day, is a key asset to Shell’s wider goal of maintaining a position among Brazil’s largest oil producers.