Royal Dutch Shell a global group of energy and petrochemical companies. I have a holding in my income portfolio (epic code: RDSB)
Shell announced yesterday that as part of a consortium of companies including, Petrobras, Total, CNPC and CNOOC, they won a 35-year production sharing contract to develop the giant Libra pre-salt oil discovery located in the Santos Basin, offshore Brazil.
The Brazilian regulator, Agência Nacional do Petróleo, estimates Libra's recoverable resources of between 8 to 12bn barrels of oil. The Libra oil discovery in Brazil is one of the largest deep water oil accumulations in the world and Shell holds 20% in the consortium.
As part of the winning bid, Shell will pay its 20-percent share of the total signing bonus which amounts to $1.4bn (R$3.0bn). The total signing bonus of $7bn (R$15bn) would appear to be at the top end of equivalent payments around the world.
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