Shell to sell interest in Offshore Brazil BC-10

1/31/2014

Shell to sell interest in Offshore Brazil BC-10

THE HAGUE -- Shell announced an agreement to sell a 23% interest in the Parque das Conchas (BC-10) project offshore Brazil to Qatar Petroleum International for approximately $1 billion, subject to closing.

The transaction is subject to approval by the National Petroleum and Gas Agency (ANP) and the Administrative Council for Economic Defense (CADE).

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 currently operating two FPSO vessels in Brazil's offshore - the Espírito Santo at Parque das Conchas and the Fluminense at the Bijupirá/Salema fields.

Currently BC-10 is producing approximately 50 Mboepd. Since coming on stream in 2009, BC-10 has produced more than 80 MMboe. Phase 2 of the project, to tie in the Argonauta O North field, came online on October 1st 2013, with an expected peak production of 35 Mboepd. The final investment decision for Phase 3 of the BC-10 project was taken in July 2013 and once online is expected to reach a peak production of 28 Mboe.

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