Shell to sell interest offshore Brazil to Qatar Petroleum for $1 billion

Royal Dutch Shell PLC has agreed to sell 23% interest in the Parque das Conchas (BC-10) project offshore Brazil to Qatar Petroleum International for $1 billion. Shell will continue to operate BC-10 with 50% working interest.

The transaction is subject to approval by Brazil’s National Petroleum and Gas Agency along with the country’s Administrative Council for Economic Defense.

Currently the company’s presence around Brazil includes the floating production, storage, and offloading vessels Espirito Santo at Parque das Conchas and Fluminense at the Bijupira-Salema fields.

Shell said the BC-10 is currently producing 50,000 boe/d, and since coming on stream in 2009, BC-10 has produced more than 80 million boe. Phase 2 of the project, to tie-in the Argonauta O-North field, came online in October, with expected peak production of 35,000 boe/d (OGJ Online, Oct. 2, 2013).

The final investment decision for Phase 3 of the BC-10 project was taken in July and once online is expected to reach peak production of 28,000 boe, the company said (OGJ Online, July 22, 2013).

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