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Shell will sell stake in Parque das Conchas project to Qatar Petroleum

29th January 2014

Shell has agreed to sell a 23 per cent stake in the Parque das Conchas (BC-10) project to Qatar Petroleum International for approximately USD 1 bn

Shell will sell interest in Parque das Conchas project to Qatar Petroleum

Shell has announced an agreement to sell a 23 per cent stake in the Parque das Conchas (BC-10) project offshore Brazil to Qatar Petroleum International for approximately USD 1 bn.

The deal is subject to approval by the National Petroleum and Gas Agency (ANP, Brazil's Oil and Gas regulator) and the Administrative Council for Economic Defense (CADE, Brazil's anti-trust authority).

Shell will continue to control BC-10 with a 50 per cent 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 (FPSO) vessels in Brazil's offshore, which include the Espirito Santo at Parque das Conchas and the Fluminense at the Bijupira/Salema fields.

The Libra oil field is a large ultra-deep water area located in the Santos Basin, about 230 kilometres (140 mi) off the coast of Rio de Janeiro.Having a total area of 1,547.76 km2, it was discovered when well 2-ANP-0002ARJS was drilled in 2010.

The Espirito Santo at Parque das Conchas (BC-10) project is made up of five fields, which include Ostra,    Abalone, Argonauta B-West, Argonauta O-North and Nautilus, is located in the Campos Basin area, offshore Espirito Santo, Brazil. The project is located situated 75 miles southeast of the city of Vitoria, in water depths of 4,921 to 6,562 feet

Shell is the project’s operator and holds 50 per cent working interest, while Petrobras maintains 35 per cent and ONGC has the remaining 15 per cent.

Currently, BC-10 is producing about 50,000 barrels of oil equivalent per day (boe/d). Since coming on-stream in 2009, BC-10 has produced more than 80 million barrels of oil equivalent (boe).

 

 

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