Portuguese 
English 
Spanish 
5 min of reading 
0 comments 
Strategic Move in Brazilian Oil Attracts Investment from Kuwaiti Oil Company, Preserves Shell’s Operation, and Boosts the Development of the Orca Project in the Pre-Salt of the Santos Basin, with Production Planned for the End of the Decade
Shell announced on February 3, 2026 the signing of an agreement to sell 20% of its stake in the Orca Project, located in the pre-salt of the Santos Basin, to Kuwait Foreign Petroleum Exploration Company (KUFPEC), the international subsidiary of Kuwait Petroleum Corporation.
According to an article published by CNN Brasil, the value of the transaction was not disclosed, but the company confirmed that it will remain the operator of the asset, holding 50% stake, while 30% remains under the control of the Colombian Ecopetrol.
Understand Shell’s Objective with the Sale of the Orca Project
The main point is straightforward: Shell is not leaving the Orca Project, but adjusting its ownership position in the pre-salt of the Santos Basin. Additionally, the technical schedule of the project remains unchanged, with a planned production start in 2029. Therefore, the move indicates strategic restructuring rather than complete divestment.
-
Petrobras evaluates suspension of sales to distributors and considers canceling the cooking gas auction following guidelines from the Federal Government.
-
Lula reveals a masterstroke by Petrobras to undo a deal made by Bolsonaro, which involves the return of an important refinery that currently produces less than half of what was expected and makes Brazil dependent on international diesel.
-
A study confirms that the natural gas sector will reduce greenhouse gas emissions in Brazil by 0.5% and accelerate the energy transition by 2026.
-
Petrobras implements a severe adjustment and confirms a 55% increase in the price of aviation kerosene with a proposal for installment payments for the companies.
Since the announcement, energy sector analysts interpret the move as a common practice among major global oil companies, which frequently redistribute stakes to balance risk, cash flow, and geographic exposure. This type of ownership adjustment is recurring in large offshore projects, especially in regions of high technological complexity like the pre-salt of the Santos Basin. Thus, the agreement may indicate operational stability and long-term planning.
Orca Project in the Pre-Salt of the Santos Basin: Capacity, Schedule, and Strategic Relevance
The Orca Project, previously known as Gato do Mato, is among the most relevant ventures in the pre-salt of the Santos Basin. In March 2025, the consortium partners made the final investment decision (FID), a stage that confirms the technical and economic viability of the field. Since then, the plans include the installation of an FPSO-type platform vessel, with an estimated capacity of up to 120,000 barrels of oil per day.
In practical terms, the Orca Project combines production scale and cutting-edge technology. On the other hand, it is a long-term project, which requires robust financial planning, structured contracts, and solid strategic partnerships. Consequently, the entry of the Kuwait company broadens the investment base and reduces shared risks.
The pre-salt of the Santos Basin is internationally recognized for its high production potential and the presence of significant light oil reserves, a characteristic that tends to generate greater added value in the international market. Thus, the Orca Project is positioned in a context of high competitiveness and geopolitical relevance. Additionally, the predictability of production for 2029 contributes to long-term logistical and industrial planning.
Shell Maintains Operation of the Orca Project in the Pre-Salt of the Santos Basin
Even after selling part of its stake to the Kuwait company, Shell will continue as the operator of the Orca Project in the pre-salt of the Santos Basin. This is crucial, as the operator is responsible for overseeing well engineering, maritime logistics, environmental safety, and production systems integration. In other words, technical control remains under the leadership of the British company.
Moreover, operational continuity ensures the maintenance of established standards of efficiency, governance, and environmental compliance. Conversely, the partial dilution of stake allows Shell to optimize investments and share financial risks, a common practice in offshore mega-projects. Consequently, the Orca Project preserves technical stability and expands economic security.
In other words, the Orca Project does not change command, just ownership composition. Therefore, the direct impact is focused on the capital structure and not on daily operation. This balance between control and partnership is often interpreted positively by investors, as it combines operational expertise with risk diversification.
Kuwait Expands International Presence with Entry into the Orca Project of the Pre-Salt
The Kuwait Foreign Petroleum Exploration Company (KUFPEC) was established in April 1981 by Kuwait Petroleum Corporation (KPC) with the aim of operating outside Kuwait in oil and natural gas exploration and production projects. Thus, its entry into the Orca Project represents a strategic portfolio expansion in one of the most significant oil regions on the planet, the pre-salt of the Santos Basin.
Consequently, the move demonstrates confidence in the production potential of the field and strengthens the international presence of Kuwait in the energy sector. At the same time, it bolsters cooperation between Shell and institutional investors linked to the Middle East. Strategically, the Orca Project will benefit from greater capital diversity and financial stability.
It is important to highlight that the presence of the Kuwait company does not alter the technical schedule for the field’s development. However, it broadens the partner network and distributes the risks typical of large-scale offshore ventures. Thus, the partnership is likely to strengthen execution predictability and meet production targets.
Shell and Kuwaiti Oil Company: Regulatory Conditions and Completion Stages
The transaction involving Shell, Orca Project, and the Kuwaiti oil company is subject to regulatory approvals, exercise of preemptive rights, and compliance with usual closing conditions. Therefore, despite the signing of the agreement, the realization depends on formal procedures with the competent authorities.
According to an official statement, completion is expected by the end of 2026. In the meantime, the technical and industrial planning remains unchanged. Thus, the Orca Project retains operational predictability, a critical factor for investors, suppliers, and business partners.
This type of regulatory process is common in international energy negotiations, especially when it involves strategic assets and large companies. Therefore, the legal proceedings do not represent a delay, but rather compliance with formal steps necessary to ensure transparency and legal security.
Orca Project in the Pre-Salt of the Santos Basin Reinforces Energy Protagonism
In summary, Shell sells 20% of the Orca Project in the pre-salt of the Santos Basin to the Kuwaiti oil company but retains the operation and the production schedule planned for 2029. The agreement does not indicate exit but rather strategic rebalancing. Therefore, the venture remains one of the most relevant assets in the Brazilian offshore portfolio.
This scenario evidences how major oil companies adjust stakes without relinquishing strategic assets. At the same time, it shows that long-duration projects require solid alliances and stable governance. Thus, the Orca Project establishes itself as an example of balancing capital, technology, and international strategy in the oil and gas sector.
Seja o primeiro a reagir!