Shell acquires additional interest in BC-10 project

Royal Dutch Shell plc

Royal Dutch Shell has completed the acquisition of an additional 23% interest in the Parque das Conchas (BC-10) project offshore Brazil for $1 billion.

Regulatory approvals have been obtained, and Shell will now hold a 73% operating interest. The purchase is effective Jan. 1. Partner ONGC, previously holding a 15% working interest, will now hold a 27% working interest. This purchase is the result of preempting a third party’s bid for Petrobras’ 35% interest in BC-10.

Currently, BC-10 is producing 50,000 boepd. Since coming onstream in 2009, BC-10 has produced more than 80 Mboe. Phase 2 of the project, to tie-in the Argonauta O-North field, came online on Oct. 1, with an expected peak production of 35,000 boep/d.

Once online, Phase 3 of the BC-10 project is expected to reach a peak production of 28,000 boe.

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