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Shell to sell stake in Brazil's offshore oil field

English.news.cn   2014-01-29 19:02:41

THE HAGUE, Jan. 29 (Xinhua) -- Shell agreed to sell a 23-percent stake in an offshore project in Brazil to Qatar Petroleum International for about 1 billion U.S. dollars (731 million euros), the Anglo-Dutch oil and gas giant said Wednesday.

Shell will now have a 50-percent stake of the Parque das Conchas (BC-10) oil field after it gained 73 percent at the end of last year.

On Dec. 31, 2013, Shell said it had acquired, together with India's ONGC, complete control over the oil field for a total of 1.64 billion U.S. dollars (1.19 billion euros).

The BC-10 field produces about 50,000 barrels of oil per day.

The transaction has to be approved by Brazil's oil and gas regulator, National Petroleum and Gas Agency, and Brazil's anti-trust authority, Administrative Council for Economic Defense.

Editor: Shen Qing
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