The majors are increasing investment in Brazil, but their production and longer-term prospects still lag those of some other foreign peers in the country’s upstream. Shell is overhauling its maturing Campos basin fields, while other majors will sign contracts next month for awards in Brazil’s 11th licensing round, which was held in May. Shell was conspicuously absent from the list of win- ners. But it unveiled investment plans this week for its Biju- pira and Salema deepwater fields in the Campos basin, where liquids output fell to 38,000 b/d in May from 57,000 b/d a year earlier. The firm will drill four new wells in the maturing complex, which it operates with an 80pc stake. State-controlled Petrobras holds the remaining 20pc.
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