Shell Makes Discovery Offshore Brazil

Shell has made its sixth discovery in block BC-10 in the Campos Basin area offshore Rio de Janeiro, Brazil. The well, 1-SHELL-11-ESS, was drilled by Stena Drilling's semisub, Stena Tay. Reserves are estimated at 150 million barrels of 20 - 24 degree API oil. The well is located northeast of block BC-60 where Petrobras encountered excellent results with well 1-BRSA-33-ESS.

The quality of oil found in this new well is better than the quality of the previous five discoveries. The estimated reserves from the previous finds are approximately 330 million barrels. This new discovery well is located within 25 kilometers of the other five discoveries and Shell is currently considering possible development scenarios.

Shell is the operator of BC-10 with a 35% stake. Other participants are Petrobras with 35% and ExxonMobil with 30%.