Royal Dutch Shell said it was selling its stake in a Brazilian gas distribution company so it could better focus on other parts of the country's energy sector.

For $380 million, Shell said it was selling off its 16.8 percent stake in gas distribution company Companhia de Gas de S�Pounds o Paulo, known also as Comgás, to Brazilian energy company Cosan Ltd.

Shell said it would still keep an active portfolio in Brazil after the exit, including in the country's lucrative deep water oil basins.

"This transaction allows us to focus our efforts in Brazil on areas where we see the most strategic value for Shell longer-term," Maarten Wetselaar, Shell's director for new energy and integrated gas, said in a statement Wednesday.

Brazil is expected to be second-only to the United States in terms of growth in oil production from countries outside the Organization of Petroleum Exporting Countries this year. The Santos basin offshore Brazil holds between 700 million and 1.3 billion barrels of oil equivalent, though production is complicated because most of Brazil's offshore oil reserves are referred to as pre-salt, meaning they are situated below a thick layer of salt on the ocean floor

The Dutch supermajor in September said it formed a "true partnership of spirit" with a Brazilian oil company Petroleo Brasileiro, known also as Petrobras, for work in deep Brazilian waters. Shell already has a partnership with Petrbras to work in a group of fields in the broader Santos basin off the Brazilian coast.

Shell, trimmed down after a merger last year with British energy company BG Group, reported a strong rebound so far in 2017, after turning in one of its weakest performances in more than a decade last year.

Net profit for the second quarter was $3.6 billion, up from the $1 billion reported for the second quarter 2016. From the first quarter, however, net profit is down about 4 percent.

Tweet

LNG fuel strides continue for French company
Washington (UPI) Oct 10, 2017
Norwegian energy major Statoil will start using liquefied natural gas as a maritime fuel at the port of Rotterdam by the next decade, a French gas company said. French energy company ENGIE and its Japanese consortium partners said they were selected by Statoil to supply LNG as fuel for four crude shuttle tankers at the Norwegian port of Rotterdam. "The four planned dual fuel vess ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only