Shell plans to launch a new exploration phase of the BC-10 project in the Campos Basin offshore Brazil, where the company operates the deepwater Parque das Conchas oil and gas development. Despite market uncertainties, Shell wants to keep investing in Brazil because of its viable oil reserves, said Andre Araujo, the chief executive officer of Shell Brazil in a recent presentation. The company has invested more than USD 1 billion in the BC-10 Block.
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