Shell ups stake in Atapu and Mero projects offshore Brazil

RIO DE JANEIRO, December 5, 2025 – Shell Brasil Petróleo has increased its equity in Brazil’s offshore Atapu and Mero oil projects in the Santos Basin following a bid round led by Pré-Sal Petróleo, Shell announced on Thursday.

Shell acquired 26.76% of Atapu Open Acreage and 20% of Mero Open Acreage, increasing its participating interest in Atapu from 16.663% to 16.917% and in Mero from 19.3% to 20% in Mero. Both assets are located in Brazil’s pre-salt Santos Basin and are among the country’s highest-producing deepwater oilfields.

The company’s bids amounted to USD 50.5 million for Atapu and USD 293.4 million for Mero, with payments due in December 2025 and contract execution scheduled for March 2026.

“Today’s winning bid reinforces our disciplined approach to grow Shell’s high-margin portfolio in Brazil. Our assets in Brazil are among the most competitive in our global portfolio, combining strong performance with a low carbon footprint,” said Shell’s president of upstream, Peter Costello.

Mero produces through FPSOs Guanabara, Sepetiba, Marechal Duque de Caxias and Alexandre de Gusmão. The four FPSOs and an early production system in the field have a combined capacity of 770,000 bopd.

Production in Atapu began in 2020 through the P-70 FPSO, which has a capacity of 150,000 bopd. A second FPSO with a capacity of 225,000 bopd is under construction.

Shell is the second-largest oil and gas producer in Brazil, behind Petrobras. In the Santos Basin, the company is a partner in several pre-salt developments.

Photo courtesy of Shell

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