Shell said it plans to invest $10billion in Brazil over the next five years now the country has increased opportunities for foreign firms in its oil industry.
Chief executive Ben Van Beurden said Shell had been encouraged by recent legislation which increases the role of private oil companies in the tapping of vast offshore oil deposits in the subsalt layer.
He said it would open up “opportunities for more players to invest in Brazil”.
Shell is already a major subsalt player as a Petrobras partner in the massive Libra oil field.
It also acquired more assets in Brazil through its merger with BG Group.
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