Shell sells stake in Brazil oil field for $1bn to Qatar

By The Citizen

Anglo-Dutch energy giant Royal Dutch Shell said on Wednesday that it has sold a large stake in an offshore Brazilian oil field to Qatar for about $1.0 billion.

Shell said it has agreed to offload a 23-percent interest in the Parque das Conchas (BC-10) project offshore Brazil to new partner Qatar Petroleum International.

The deal, which will leave Shell with a 50-percent stake, remains subject to regulatory approval in Brazil.

The London-listed group will continue to operate the oil field, which currently produces 50,000 barrels of oil equivalent per day.

Shell added that it will retain a 'significant' upstream presence in Brazil.(AFP)