October 18, 2018 / 2:30 PM / a year ago

Shell to invest up to $2 billion annually to explore, produce oil in Brazil through 2025 -report

FILE PHOTO: Shell's company logo is pictured at a gas station in Zurich April 8, 2015. REUTERS/Arnd Wiegmann/File Photo

RIO DE JANEIRO (Reuters) - Royal Dutch Shell (RDSa.AS) plans to invest $1 billion to $2 billion annually in oil exploration and production in Brazil through 2025, Brazilian newspaper Valor Economico reported on Thursday.

The investment will be made regardless of the outcome of presidential election Oct. 28, Wael Sawan, executive vice president for Shell’s deepwater division, said in an interview with Valor.

Shell is the no. 2 oil producer in Brazil, where oil majors have spent top dollar in recent months to lock in stakes in its prolific offshore pre-salt play, where billions of barrels of oil lie beneath a thick layer of salt under the ocean.

Shell did not immediately respond to a request for comment.

Reporting by Alexandra Alper; Editing by Bernadette Baum

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