Shell has agreed to sell a 23% stake in its offshore Parque das Conchas (BC-10) project in Brazil to Qatar Petroleum International (QPI) for about US$1bn. Shell will continue to operate BC-10, with a 50% stake, and maintains a significant presence in exploration and production of oil and gas in Brazil. Currently, the Parque das Conchas produces about 50,000 boe/d. Since it started operation in 2009, it has produced more than 80 mboe. Phase 2 of the project, which connected the Argonauta O-North FPSO vessel to the Holy Spirit, went into operation on 1 October 2013, with a peak expected production of 35 boe/d. The final investment decision for Phase 3 BC-10 was taken in July 2013 and once in production is expected to reach a peak of 28,000 boe/d. The sale is subject to regulatory approval by the National Petroleum Agency (ANP) and the Administrative Council for Economic Defense (CADE).
Shell is currently divesting assets and plans to sell about US$15bn in the next two years (including the sale of its interest in Wheatstone LNG project in Australia).