Royal Dutch Shell will commit more than $1.6 billion to the second-phase exploration of a key Brazilian oil block, The Telegraph reports. The second phase development of the BC-10 block in the Campos Basin will start next year. The Brazilian oil producer has a 50 percent share in the Campos Basin and is expecting to hold 400 million barrels of recoverable oil. Meanwhile, Shell is seeking to participate in the country’s next auction of oil and gas concessions.

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