Commodities
Shell Hires Modec to Advance Major Deepwater Brazil Oil Project
- Modec wins contract for production unit at Gato do Mato field
- Gato do Mato would be Shell’s second operated field in Brazil
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Shell Plc is advancing a major offshore oil development in Brazil after hiring Modec Inc. to do engineering and design work for a floating production vessel.
The production unit, known as an FPSO, will be located about 250 kilometers (155 miles) off the coast, Modec said in a statement. Shell discovered Gato do Mato years ago but has been slow in moving forward with the development amid rising costs for equipment and services. An FPSO can cost more than $3 billion to build.