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Shell Sells Huge $1B Stake In Brazil Oilfield To Qatar

Agence France PresseJan 29, 2014, 17:46 IST

REUTERS/Luke MacGregorA Shell logo is seen at a petrol station in London January 31, 2013.

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.