Shell Lifts Stakes in Atapu and Mero to Deepen Brazil Pre-Salt Position

Shell has expanded its long-term footprint in Brazil’s prolific pre-salt sector, raising its ownership stakes in the Atapu and Mero fields after securing additional equity in an auction led by state-controlled Pré-Sal Petróleo.

The company acquired 26.76% of Atapu Open Acreage, equivalent to 0.95% of the Atapu unit, and 20% of the Mero Open Acreage, equivalent to 3.5% of the Mero unit, lifting Shell Brasil’s working interest to 16.917% in Atapu and 20% in Mero. The revised interests are expected to take effect in 2027.

Shell is strengthening its position in two of Brazil’s most competitive deepwater assets, while reinforcing its strategy to sustain material liquids production of 1.4 million barrels per day through 2030. The company paid roughly US$50.5 million for Atapu and US$293.4 million for Mero, with contracts slated for execution in March 2026.

Brazil remains central to Shell’s upstream growth ambitions. The pre-salt Santos Basin has been a cornerstone of the company’s global liquids portfolio due to high productivity, low unit costs, and comparatively low emissions intensity. Shell is already Brazil’s second-largest oil and gas producer, behind Petrobras.

Both projects are operated by Petrobras and feature some of the most advanced FPSO developments in the world. Mero’s four FPSOs—Guanabara, Sepetiba, Marechal Duque de Caxias, and Alexandre de Gusmão—came online between 2022 and 2025 and collectively provide 770,000 bpd of gross installed capacity, plus an Early Production System. Atapu, which began producing in 2020 via the P-70 FPSO (150,000 bpd capacity), is preparing for a major boost once the P-84 FPSO (225,000 bpd) comes online.

The additional equity strengthens Shell’s exposure to some of the world’s most productive offshore reservoirs at a time when the company is prioritizing high-margin barrels. It also aligns with Shell’s upstream strategy under CEO Wael Sawan, which emphasizes capital discipline, simplification, and focusing on advantaged oil assets capable of generating strong returns in a lower-carbon future.

“Today’s winning bid reinforces our disciplined approach to grow Shell’s high margin portfolio in Brazil,” said Peter Costello, Shell’s Upstream President, highlighting the competitiveness and low-carbon attributes of the pre-salt portfolio.

By Charles Kennedy for Oilprice.com

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