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Shell's Brazil chief says makes more sense to look for exploration areas

Reuters - UK Focus
Updated

SAO PAULO, Nov 8 (Reuters) - The head of Royal Dutch Shell Plc in Brazil said on Friday that it currently made more sense for the company to look for exploration areas.

Speaking after Brazil's disappointing oil auctions this week, which Shell chose to sit out, Andre Araujo said the Buzios block, where state-run oil company Petroleo Brasileiro SA won rights to extract proven reserves, is an area that any company would want. (Reporting by Roberto Samora Editing by Chizu Nomiyama)