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Shell’s Brazil Wells Come Up Dry
Three exploration wells that Shell has drilled in Brazil in hopes of making the next big discovery have come up dry, Bloomberg has reported, citing an analyst with Wood Mackenzie.
This latest turn of events adds to bad news for Brazil and supermajors’ plans to turn it into the next hot spot in oil.
Shell and several partners paid $1 billion for drilling rights for three offshore blocks in Brazil and spent three years drilling exploratory wells. None of them turned up commercially viable volumes of oil, Marcelo de Assis, chief of Latin America upstream research at Wood Mackenzie, told Bloomberg.
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