South America



We have more than 162 thousand net mineral (2017: 260 thousand revised to 156 thousand) in the Vaca Muerta basin, a liquids and gas-rich play located in the Neuquén Province. The operated acreage includes blocks in Cruz de Lorena and Sierras Blancas (Shell interest 90%), Coiron Amargo Sur Oeste (Shell interest 80%), and Bajada de Añelo (Shell interest 50%). We have a 45% non-Shell-operated interest in the Rincon La Ceniza and La Escalonada blocks. We have interests in 36 producing wells and drilled seven wells in 2018 in our operated acreage. We have a 90% interest in our operated Sierras Blancas/Cruz de Lorena central processing facility. In December 2018, we announced the start of the development phase of three blocks in the Vaca Muerta basin (Cruz de Lorena, Sierras Blancas and Coiron Amargo Sur Oeste).


We operate several producing fields in the Campos Basin, offshore Brazil. They consist of the Bijupirá and Salema fields (Shell interest 80%) and the BC-10 field (Shell interest 50%). Our operated portfolio also includes the Gato do Mato field in the Santos Basin and the adjacent Sul de Gato do Mato area (Shell interest 80%), for which development options are being evaluated. Additionally, in the operated portfolio, in the Santos Basin, we have 10 offshore exploration concessions in the Barreirinhas Basin (Shell interests ranging from 50% to 100%) and a pre-salt for Alto Cabo Frio Oeste (Shell interest 55% as operator).

In March 2018, during the fifteenth deep-water bid round organised by the Brazilian National Petroleum Agency (ANP), we secured two exploration blocks as operator, one in the Potiguar Basin (Shell Interest 100%) and one in the Campos Basin (Shell Interest 40%). In September 2018, we added the Saturno block in the fifth pre-salt bid round (Shell interest 50%), in the Santos Basin.

In our non-operated portfolio, in the Santos Basin, we have a 30% interest in the BM-S-9, Entorno de Sapinhoá and BM-S-9A blocks with the Sapinhoá and Lapa fields, as well as 25% interests in the BM-S-11 and BM-S-11A concessions with the Lula (including Iracema area), Berbigão, Sururu and Atapú fields, which are accumulations subject to ongoing unitisation agreements. Lula unitisation impact (Shell interest of 23%, compared to 25% applicable until the unitisation effective date) was recognised in September 2018, as negotiations are in an advanced stage, with a subsequent cash settlement related to pre-unitisation costs and production expected during 2019. The Sapinhoá unitisation (combined Shell interest unaltered at 30%, being 1.1% held through the Entorno de Sapinhoá PSC and 28.9% via the BM-S-9 concession contract) has been in effect since November 2018 and the first tranche of cash settlement occurred in December 2018. Also, in the Santos Basin, we hold a 20% non-operator interest in BM-S-50 offshore exploration block, where the Sagitário prospect was discovered. In addition, we hold a 20% non-operator interest in the Libra block, where commerciality of Mero I was declared, well tests were initiated and where exploration is ongoing. The Libra field is also subject to unitisation with adjoining areas, for which a unitisation agreement is still subject to government approval.

In March 2018, during the fifteenth deep-water bid round, we won two additional, non-operated, deep-water exploration blocks in the Potiguar Basin (Shell interest 40%) and in June 2018, we won a PSC to explore the Tres Marias block at the fourth pre-salt bid round held by the ANP (Shell interest 40%).

The activities of operated and non-operated fields are currently supported by 15 producing deep-water FPSOs, of which the fourteenth (P69) delivered first oil in October 2018 and fifteenth (P67) in February 2019. Ramp up to full production capacity is expected during 2019. Two additional FPSOs are expected to be brought online over the period 2019-2020 (Berbigão (P68) and Atapu I (P70)).

Rest of South America

We also have interests in Colombia and Uruguay.

approximately 0.004 square kilometres
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production-sharing contract
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