Anglo Dutch oil giant Shell is to sell off a significant stake in the Brazilian BC-10 project in a $1billion deal.
Qatar Petroleum International will take a 24% stake in the Parque das Conchas project, which could eventually produce more than 75,000 barrels of oil per day.
The move is the latest big-money disposal by the company, which issued a shock profits warning earlier this month.
Announcement of the sale comes just a day before the firm is due to release its full-year results for 2014.
Last week Shell sold off its stake in the giant Wheatstone liquefied natural gas project in Australia $1.1billion to Kuwait’s state-run Foreign Petroleum Exploration Company.
The new deal will see Shell retain a 50% working interest in the offshore project, which sits in waters of 1780m depth off the coast of Espirito Stanto.
The field is currently producing around 50,000 barrels of oil equivalent per day, with the second phase – expected to peak at 35,000boed, having only come online in October last year.
Final investment in the third phase of the project was approved last July, and is expected to add a further 28,000 barrels equivalent per day to the output.
The field is tied to an FPSO, and has already produced more than 80million barrels of oil.
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