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.