Royal Dutch Shell PLC said Wednesday it is selling its 23% interest in the Parque das Conchas project offshore Brazil to Qatar Petroleum International for $1 billion.
Royal Dutch Shell PLC said Wednesday it is selling its 23% interest in
the Parque das Conchas project offshore
Brazil
to
Qatar Petroleum International for $1 billion.
The oil major, which earlier this month posted its first profit warning in a decade,
said it would continue to operate the project, also known as BC-10, with a 50%
working interest and keeps a significant upstream presence in
Brazil
.
Currently, the project is producing 50,000 barrels of oil equivalent a day.
On Jan. 17 the Anglo-Dutch company said it expects fourth-quarter earnings of
$2.2 billion, down about 70% from $7.3 billion a year earlier. Full-year
earnings are expected to total about $16.8 billion, down from $27.2 billion in
2012.
Shell has also recently sold its stake in the Wheatstone Liquefied Natural Gas
project in
Western Australia
for
US$1.14 billion.
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