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Latino Daily News

Thursday January 30, 2014

Qatari Company Acquires Shell’s Stake in Brazilian Offshore Field

The Brazilian unit of Anglo-Dutch oil supermajor Shell said Wednesday it was selling its 23 percent stake in Brazil’s Parque das Conchas offshore field to Qatar Petroleum International for about $1 billion.

Shell will continue to control the Parque das Conchas, or BC-10, project, a field located in the Campos basin about 110 kilometers (68 miles) off the coast of Espiritu Santo state.

The field, which began operating in 2009, currently produces nearly 50,000 barrels of oil equivalent (boe) per day.

The second phase of the project began operations in October 2013 and should add another 35,000 boe per day, while the third phase, which was approved last July, is expected to contribute 28,000 boe per day to the project’s output.

“Shell will continue to operate BC-10 with a 50 percent 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 - the EspĂ­rito Santo at Parque das Conchas and the Fluminense at the Bijupirá/Salema fields,” the company said in a statement.

The Anglo-Dutch supermajor won the rights to operate the Libra project, the largest oil field discovered in Brazil, last October.

The Libra field is in the Santos basin, located 183 kilometers (113 miles) off the coast of Rio de Janeiro state.

Libra holds between 8 billion and 12 billion barrels of crude and could help Brazil double its proven reserves.

Brazilian state-controlled oil company Petrobras holds a 40 percent stake in the consortium that will exploit Libra, while Shell has a 20 percent interest, France’s Total has a 10 percent stake, China National Petroleum Corporation owns a 10 percent interest and China National Offshore Oil Corporation has a 10 percent stake.

Shell’s other interests in Brazil include a lubricants business and the Raizen joint venture, the leading sugar-cane ethanol producer in this South American country.

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