The deal, valued at around $1 billion, is subject to approval by Brazil’s National Petroleum and Gas Agency (ANP) and the country’s anti-trust authority CADE.
Shell will remain operator of the BC-10 concession with a 50% interest. The development came onstream in 2009 and currently produces around 50,000 boe/d.
Phase 2 of the project, a tie-in the Argonauta O-North field, came online on Oct. 1, and is expected to deliver 35,000 boe/d at peak.
Last July the partners took a final investment decision for Phase 3, which is designed to add 28,000 boe/d of production.