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Shell to invest $2 billion per year in Brazil through 2020

Reuters
Cars pass by a Shell gas station in Buenos Aires, Argentina August 24, 2017. REUTERS/Marcos Brindicci (Reuters)

SAO PAULO (Reuters) - The Brazilian unit of Royal Dutch Shell PLC will invest $2 billion (£1.51 billion) per year in the country through 2020, Flávio Rodrigues, the unit's director of government relations and regulatory affairs, said at an industry event on Thursday. The investment plan does not include potential bids for oil exploration areas, he said, which the government will auction off in September and October. On average, the oil company produced 325,000 barrels of oil equivalent per day (boepd) in the first quarter, Rodrigues added. (Reporting by Alex Alper; writing by Ana Mano, editing by G Crosse)