Wednesday 29 January 2014

Shell sells Brazilian oil field stake for $1bn

Shell sells Brazilian oil field stake for $1bn

Shell is to sell a 23% interest in an oil field offshore Brazil for $1 billion (£0.6bn).

Qatar Petroleum International, the global arm of Qatar Petroleum, which is the world's largest liquefied natural gas exporter, is buying the stake in the Parque das Conchas (BC-10). Shell will continue to operate it with a 50% interest.

BC-10 currently produces around 50,000 barrels of oil equivalent (boe) per day and has produced more than 80 million boe since coming on-stream in 2009.

Phase II of the project came online in October last year, with an expected peak production of 35,000 boe per day. The third phase, for which the final investment decision was taken in July 2013, is expected to reach a peak production of 28,000 boe once online.

The oil giant recently also sold its interests in a Liquefied Natural Gas (LNG) project in Australia for $1.14 billion (£694m).

Written by

Bruna Pinhoni

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