Shell Selling A Stake In Brazilian Oil Project
Royal Dutch Shell said Wednesday that it had agreed to sell for about $1 billion a minority interest in an offshore Brazilian oil project to Qatar Petroleum International, the emirate’s vehicle for oil and gas investments abroad. The Brazilian project, called Parque das Conchas, fits the pattern of assets that Shell and other large oil companies are looking to sell as investors demand better returns from capital spending that has soared in recent years. Shell is raising money while not giving up control by selling 23 percent of its stake and keeping the remaining 50 percent. It will also save capital on a possible third stage of the project, a midsize oil field that began producing in 2009 and now yields 50,000 barrels per day.
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