Anglo-Dutch energy giant Royal Dutch Shell said on Wednesday that it has sold a large stake in an offshore Brazilian oil field to Qatar for about $1.0 billion.
Shell said it has agreed to offload a 23-percent interest in the Parque das Conchas (BC-10) project offshore Brazil to new partner Qatar Petroleum International.
The deal, which will leave Shell with a 50-percent stake, remains subject to regulatory approval in Brazil.
The London-listed group will continue to operate the oil field, which currently produces 50,000 barrels of oil equivalent per day.
Shell added that it will retain a “significant” upstream presence in Brazil.