UK Government Said to Greenlight Shell, Equinor's North Sea Gas Project

Petrobras will receive $859 million from Shell, TotalEnergies, and Petrogal by November 2026, following agreements on shared oil fields in the Santos Basin. The payout settles proportional interests in the Berbigão and Sururu reservoirs, as approved by Brazil's ANP.

Shell has agreed to sell its Shell Nigeria Gas Group, a domestic gas distribution business, to privately held Vaaris Energy. The sale aligns with Shell's strategy to focus on deepwater and integrated gas in Nigeria, as outlined by CEO Wael Sawan. The transaction value was not disclosed. Shell also raised its third-quarter integrated gas production forecast.

Equinor and partners discovered 50 million barrels of oil equivalent in the North Sea. The find may extend infrastructure life and add production. Equinor aims to maintain 1.3 million BOE per day through 2035, with 70% from new developments. No costs or production volumes were disclosed.

Shell (SHEL) raised Q3 gas production forecast to 740,000–780,000 boe/day. It agreed to sell its Nigeria gas unit to Vaaris Energy, pending approvals. Shell completed a share buyback, with Goldman Sachs executing purchases from July 30 to Oct 23, 2026.

Equinor (EQNR) co-leads a $42B LNG project in Tanzania with Shell, targeting 47.1 Tcf gas. Separately, EQNR and partners discovered 19–50M boe in North Sea Grimsnes, with potential FID next summer and production in ~3 years, according to Reuters.

Petrobras has signed agreements with Shell, TotalEnergies, and Petrogal for the Santos Basin's Berbigão and Sururu reservoirs, receiving $859M by November 2026. The deals adjust ownership interests and reconcile revenues and expenditures. Petrobras holds majority stakes in both reservoirs.