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Royal Dutch Shell A : New oil production starts offshore Brazil

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05/27/2017 | 10:25am CEST

Production started from a floating production platform off the coast of Brazil that can process up to 150,000 barrels of oil per day, Royal Dutch Shell said.

The company announced the consortium working in the Santos Basin off the coast of Brazil started production from the Lula South prospect using a floating production storage and offloading vessel dubbed P-66.

Positioned in waters more than a mile deep, the FPSO can process up to 150,000 barrels of oil and 210 million cubic feet of natural gas per day. Shell said P-66 is the first in a series of floating production units designated for the region.

"The consortium has additional FPSOs in this series planned over the next three-years," Andy Brown, the director of exploration and production for Shell, said in a statement. "Across Shell`s deep water business in Brazil, we`re investing in projects with competitive break-even prices, and our presence as Brazil`s second largest oil producer continues to grow."

Shell holds an interest in several oil reservoirs off the coast of Brazil and acquired more when it merged with BG Group last year. Shell`s subsidiary, BG E&P Brasil, is part of the consortium behind P-66, which is operated by Brazilian energy company Petrleo Brasileiro, known also as Petrobras.

Brazil is one of the largest oil producers that`s not a member of the Organization of Petroleum Exporting Countries. In its market report for May, OPEC economists said the Latin American country is expected to contribute to robust supply performance for 2017. Non-OPEC supply is expected to increase by 950,000 barrels per day, with Brazil contributing to about 20 percent of that growth.

(c) 2017 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2017 294 434 M
EBIT 2017 21 667 M
Net income 2017 15 700 M
Debt 2017 61 034 M
Yield 2017 6,76%
P/E ratio 2017 14,07
P/E ratio 2018 12,85
EV / Sales 2017 0,98x
EV / Sales 2018 0,89x
Capitalization 226 880 M
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 31,6 $
Spread / Average Target 16%
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Ben van Beurden Chief Executive Officer & Executive Director
Charles Holliday Chairman
Jessica Uhl Chief Financial Officer
Harry Brekelmans Director-Technology & Projects
Gerardus Johannes Wijers Deputy Chairman
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