Shell to continue investing heavily in Brazil

Royal Dutch Shell planned to continue investing heavily in Brazil over the next five years, with the aim of doubling its deep-water production by the early 2020s.

In remarks to The Wall Street Journal, the firm´s executive vice president for deep-water, Wael Sawan, said Shell would invest $10bn more in the country, on top of the $30bn already deployed in South America´s largest economy.

Sawan´s remarks followed a meeting earlier in the week between Shell boss Ben van Beurden and Brazil´s new president, Michel Temer, and easier restrictions on foreign investment in such fields since Temer came to power.

"The fundamental view that foreign investment is good for the country, and specifically in the oil and gas sector...gives us confidence that we are welcome here," Sawan said.

Shell´s deep-water production was roughly 450,000 barrels a day in 2015.