European energy giant Royal Dutch Shell Plc (RDS-B, RDSB.L, RDSA.L,RDS-A) Wednesday revealed an agreement to sell a 23 percent interest in the Parque das Conchas (BC-10) project offshore Brazil to Qatar Petroleum International for about $1 billion.
The transaction is subject to approval by the National Petroleum and Gas Agency and the Administrative Council for Economic Defense.
Shell will continue to operate BC-10 with a 50 percent working interest and retains a significant upstream presence in Brazil.
In addition to the recent entry into the Libra oil discovery, Shell is currently operating two floating, production, storage and offloading vessels in Brazil's offshore - the Espírito Santo at Parque das Conchas and the Fluminense at the Bijupirá/Salema fields.
Currently, BC-10 is producing about 50,000 boe/d. Since coming on-stream in 2009, BC-10 has produced more than 80 million barrels of oil equivalent.
Phase 2 of the project, to tie-in the Argonauta O-North field, came online on October 1 2013, with an expected peak production of 35,000 boe per day.
Shell has also other interests in Brazil, particularly our Lubricants business and its joint venture Raízen, a sugar cane ethanol producer.
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