Bloomberg News reports that Shell is looking for a buyer to buy 20% of the Brazilian oilfield cluster.

Bloomberg News, citing anonymous sources, reported that Shell is looking for a buyer to buy a 20% stake of its Brazilian oilfield cluster in order to fund a multi-billion dollar offshore development.

Shell refused to comment when contacted about the report.

Shell holds a 50% share in Gato do?Mato which is a deepwater offshore Brazil project. TotalEnergies?acquired a 20% stake from Shell in June.

Shell now seeks to raise funds, while remaining the?operator of the project, according to the report, which cited?people knowledgeable about the matter.

Shell is committed to maintaining its position as one of Brazil's top oil producers.

Shell and Petrobras also secured two offshore fields in Brazil's Mero and Atapu field in an auction held?last Thursday by the state-run PPSA.

According to the report, Welligence, Shell's Brazil Portfolio is about 10% of its two fields in Gato do Mato. Reporting by DhanushVigneshbabu in Bengaluru, and Stephanie Kelly in London. Editing by Tasimzahid and Shaileshkuber.

(source: Reuters)