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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