Shell Gets $1B For Partial Stake In Brazil Oil Project

Law360, New York (January 29, 2014, 2:13 PM EST) -- Royal Dutch Shell PLC is selling a 23 percent stake in a Brazilian offshore oil project for $1 billion to Qatar Petroleum International, the oil giant said Wednesday.

Shell will continue to operate the project in the Parque das Conchas, called BC-10, and it will retain a 50 percent working interest, the company said. The sale comes as Shell has been increasing Brazilian drilling operations over the past year, including its entry into oil discovery in the Libra offshore field.

The BC-10 project is producing about...
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