Qatar Petroleum set to enter Parque das Conchas offshore Brazil

Shell has agreed to farm down a 23% interest in the Parque das Conchas (BC-10) project offshore Brazil to Qatar Petroleum International.

Jan 29th, 2014

Offshore staff

The Hague, the NetherlandsShell has agreed to farm down a 23% interest in the Parque das Conchas (BC-10) project offshore Brazil to Qatar Petroleum International.

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.

01/29/2014

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