Shell Brasil Petróleo, a subsidiary of the UK oil and gas company Shell, has taken the Final Investment Decision (FID) for the Gato do Mato oil project located in the pre-salt area of the Santos Basin, offshore Brazil. The development plan includes the installation of a floating production storage and offloading (FPSO) vessel and is designed to produce up to 120 kb/d of oil.
The Gato do Mato field is expected to commence operations in 2029. The recoverable resource volumes of the development are currently estimated at approximately 370 mbl. The Gato do Mato Consortium includes Shell (operator with a 50% stake), Ecopetrol (30%), TotalEnergies (20%) and Pré-Sal Petróleo, acting as the manager of the production sharing contract (PSC).
Brazil has important energy resources, and as of end-2023, its proven reserves of oil and condensates are estimated at 2 Gt, while its gas reserves are estimated at 406 bcm.