THE WALL STREET JOURNAL: Brazil Shell Oil Unit To Invest $200M In 2005 –Report (ShellNews.net) 1 April 05

DOW JONES NEWSWIRES

April 1, 2005 9:52 a.m.

SAO PAULO -- The Brazilian unit of Shell Oil (RD SC) will invest $200 million in 2005 in exploration and development of oil and gas opportunities, according to the Gazeta Mercantil business daily Friday.

Citing the unit's president, Vasco Dias, the newspaper said Shell was negotiating possible partnerships with state oil company Petrobras (PBR) for bidding in the upcoming October auction of oil exploration licenses.

Dias said the Shell unit was negotiating a possible participation with Petrobras and Spain's Repsol-YPF (REP) in the Mexilhao offshore oil development project, according to the report.

Dias was also quoted as saying Shell will maintain its participation, along with Petrobras, in the Bolivia-Brazil natural gas pipeline despite recent political turmoil in Bolivia.

-By Tom Murphy, Dow Jones Newswires; 5511-3145-1481; brazil@dowjones.com

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