State firm Qatar Petroleum’s (QP’s) overseas arm, Qatar Petroleum International (QPI), has purchased a 23% stake in the ultra-deep water Parque das Conchas (BC-10) project off Brazil from Shell for $1bn. This marks Qatar’s first oil and gas investment in South America.
Shell will maintain a 50% stake in the project and will remain operator; India’s ONGC owns the remaining 27%. The QP purchase is essentially the same 23% stake that Shell last month bought, at almost the same price, from Brazilian state firm Petrobras. The deal is subject to the approval of Brazil’s hydrocarbons and anti-trust regulators. (CONTINUED - 1071 WORDS)