THE HAGUE, Netherlands, July 22 (UPI) -- Dutch energy giant Shell said Monday it was working to capitalize on the oil potential at two deep water projects in Brazil.
Shell said Monday it would work with its Indian and Brazilian counterparts to move its Parque das Conchas operations to a new phase of development through the installation of new subsea infrastructure.
Those operations have produced more than 70 million barrels of oil equivalent since coming online in 2009. The upgrade would mean the region could eventually produce 28,000 bpd of oil equivalent, Shell said.
Production from Parque das Conchas will be tied to an offshore floating production facility.
The company added the drilling of four new production wells from its Bijupira-Salema complex off Brazil should boost production to 35,000 bpd of oil equivalent by next year.
"Offshore Brazil is a key part of our plans to grow our deep-water portfolio -- a key component of our global strategy," said John Hollowell, Shell's executive vice president for deep water developments, in a statement Monday.
There may be as much as 50 billion barrels of oil off Brazil, putting it just behind Venezuela in terms of proven oil reserves in South America.