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Shell increases interest in BC-10 offshore project

02nd January 2014

Oil major buys 23 per cent stake from Petrobras for USD 1bn

Shell increases interest in BC-10 offshore project
Shell and ONGC have acquired the entirety of Petrobras' 35 per cent working interest in BC-10

Shell on Monday concluded the purchase of the majority of Petrobras’ stake in the Parque das Conchas (BC-10) project offshore Brazil for an estimated USD 1bn.

 

As a result of the purchase, Shell has increased its operating interest in the project from 50 per cent to 73 per cent.

 

BC-10, which came online in 2009, is currently producing some 50,000 barrels of oil equivalent (boe) per day.

 

Phase 2 of the project came online on 1 October 2013 and has an estimated peak production of 35,000 boe per day.

 

The final investment decision (FID) for Phase 3 of the BC-10 project was taken in July 2013 and once online is expected to reach a peak production of 28,000 boe.

 

In addition to Shell, ONGC Videsh has also increased its stake in the project by acquiring an additional 12 per cent working interest from Petrobras.

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