Shell to sell 20% Orca Project stake to Kuwait’s KUFPEC

Shell subsidiary ShellBrasil Petróleo has entered into an statement with the Kuwait Foreign Petroleum Exploration Company (KUFPEC) to divest a 20% involvement successful the Orca Project.

The fiscal presumption of the woody were not disclosed.

Located successful the pre-salt portion of Brazil's Santos Basin, the Orca Project – formerly known arsenic Gato bash Mato – is simply a deep-water, unitised improvement that includes some the BM-S-54 concession declaration and the South Orca accumulation sharing declaration (PSC).

Shell volition proceed arsenic the task relation and clasp a 50% ownership pursuing the transaction.

According to the company, the woody underscores its superior allocation strategy crossed its planetary portfolio, maintaining its presumption arsenic the largest overseas lipid and state shaper successful Brazil.

Additionally, it enhances the strategical confederation betwixt Shell and KUFPEC successful assorted upstream sectors.

The closing of the woody is pending regulatory support and taxable to preemptive rights and closing conditions. It is expected to reason by precocious 2026.

Shell upstream president Peter Costello said: “We are pleased to invited KUFPEC arsenic a spouse successful Orca, a task indispensable to sustaining liquids accumulation successful our Upstream portfolio.

“With this advancement, we expect to grow connected the affirmative results of our collaboration with KUFPEC successful Egypt. This determination further deepens our semipermanent committedness and strategical concern successful Kuwait, successful enactment with the beardown collaboration we support with Kuwait Petroleum Corporation.”

Currently, Shell holds a 70% involvement successful the Orca Project. Ecopetrol holds the remaining 30%, with Pré-Sal Petróleo managing the PSC.

Last month, Shell awarded a declaration to Vallourec to enactment the offshore operations astatine the Orca Project. Awarded done a competitory bidding process, the declaration involves providing lipid state tubular goods products and services.

Drilling astatine the Orca Project is scheduled to statesman successful April 2027, with plans to drill 10 wells that volition necessitate 12,000–15,000t of pipes.

"Shell to merchantability 20% Orca Project involvement to Kuwait’s KUFPEC" was primitively created and published by Offshore Technology, a GlobalData owned brand.

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