By Peter Millard and Joao Lima
May 11 (Bloomberg) — Royal Dutch Shell Plc, Europes biggest oil company by market value, found more evidence of oil at a project in Brazils offshore Campos Basin where the company has increased production faster than expected.
Shell made the discovery at the Nautilus field, which is 1,571.75 meters (5,157 feet) deep, the Brazilian petroleum regulator said. The field, located in block BC-10, was declared a commercial find in December 2005.
Companies including Shell, Chevron Corp. and Galp Energia SGPS SA have boosted production this year in Brazils Atlantic waters, where state-run Petroleo Brasileiro SA made the largest oil discovery in the Americas since 1976 at the Tupi field. Shell has brought production on line at BC-10 faster than it expected, Chief Financial Officer Simon Henry said in a conference call with investors April 28.