“Today’s announcement serves as the latest reminder of the strength of our position in Deep Water in Brazil with world-class assets, a prolific basin and a robust portfolio,” said Zoe Yujnovich, Shell Upstream Director. “Mero is part of our core Upstream position, which is a cornerstone of our Powering Progress strategy to deliver the stable, secure energy resources the world needs today while investing in the energy of the future.”

Located 150 kilometers from the Rio de Janeiro coast and in a water depth that reaches 1,930 meters, Mero will receive three more FPSOs between 2023 and 2025. Shell’s Powering Progress strategy includes increasing investment in lower carbon energy solutions, while continuing to pursue the most resilient, competitive, and highest return Upstream investments to sustain material cash delivery into the 2030s, to support our dividend and fund Shell's transformation. Our global deep-water portfolio represents two core positions in our Upstream business with prolific basins in the US and Brazil, along with an exciting frontier exploration portfolio in Mexico, Suriname, Argentina, and West Africa.

Notes to editors

  • Shell Brasil Petroleo is a subsidiary of Shell plc.
  • Final Investment Decision (FID) on Mero-1 was announced in 2018.
  • The Mero field is part of the Libra Production Sharing Contract (PSC), signed in Dec 2013. Libra is located in the Santos basin, 170 km south of Rio de Janeiro in 2100 m of water.
  • Modec is responsible for the engineering, procurement, construction, mobilization, installation, and operation of FPSO Guanabara, including topsides processing equipment as well as hull and marine systems.
  • After the unitization in 2018, Shell Brasil holds a 19.3 percent stake in Mero, along with Petrobras (operator), with a 38.6 percent stake, TotalEnergies (19.3 percent), CNPC (9.65 percent), CNOOC Limited (9.65 percent), and PPSA (3.5 percent).
  • For more details on Shell’s Powering Progress strategy, please visit www.shell.com/poweringprogress.

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