StockMarketWire.com - Shell has agreed to sell a 23% interest in the Parque das Conchas (BC-10) project offshore Brazil to Qatar Petroleum International for about $1bn, subject to closing.

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 operate BC-10 with a 50% working interest and retains a significant upstream presence in Brazil.

In addition to the recent entry into the Libra oil discovery, Shell is operating 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.




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