Shell sells US$1 billion stake of Brazil oilfield to Qatar Petroleum

Qatar Petroleum buys a US$1 billion stake in Parque das Conchas oilfield from Shell.

Shell sells US$1 billion stake of Brazil oilfield to Qatar Petroleum

World Bulletin / News Desk

Shell is selling a stake in one of its offshore oil fields in Brazil to Qatar Petroleum International for US$1 billion.

Shell will retain a 50 percent stake and continue to operate the Parque das Conchas field, also known as BC-10, in the ultra-deep waters of the Campos Basin.

Parque das Conchas currently produces about 50,000 barrels of oil a day, and since coming on-stream in 2009, it has produced more than 80 million barrels.

Shell said in October that it planned to increase sales this year to bring in more cash and improve its shareholder returns. Earlier this month, Shell sold its stake in Australia's Wheatstone project for US$1.14 billion to Kuwait Foreign Petroleum Exploration Company, or Kufpec.

As well as the Parque das Conchas field, Shell operates two floating, production, storage and offloading (FPSO) vessels in Brazil’s offshore – the Espírito Santo at Parque das Conchas, and the Fluminense at the Bijupirá/Salema fields.

Last Mod: 30 Ocak 2014, 10:19
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