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Shell Sells Second Brazil Offshore Block Stake in Two Months

Aug. 24 (Bloomberg) -- Royal Dutch Shell Plc, Europe’s largest oil company, is selling its second exploration asset in Brazil’s Santos Basin in two months as part of plans to focus on the country’s Parque das Conchas area.

QGEP Participacoes SA, a unit of Brazilian engineering and construction company Queiroz Galvao SA, agreed to buy Shell’s 30 percent stake in the BS-4 block for an undisclosed amount, QGEP said in a statement today. The sale, which needs approval from Brazilian regulators, includes the Atlanta and Oliva finds.

Shell is selling exploration areas with no production in Brazil as it plans to add wells at Parque das Conchas to keep output stable. The project in deep waters of the southeastern Campos Basin produced 90,000 barrels a day of oil and natural gas in June.

Shell sold a 20 percent stake in the deep-water BM-S-8 license in July to QGEP and Barra Energia, a Rio de Janeiro-based oil startup. It also plans to sell stakes in the BM-S-45 and BM-ES-28 offshore blocks as part of a sale plan it announced last year.

Shell’s partners at BS-4 are Chevron Corp. and state-controlled Petroleo Brasileiro SA. Chevron would consider selling its stake in the block if it gets an offer, Ali Moshiri, Chevron’s head of exploration and production for Africa and Latin America, said in a Jan. 13 interview.

To contact the reporter on this story: Peter Millard in Rio de Janeiro at Pmillard1@bloomberg.net

To contact the editor on this story: Jessica Brice in Sao Paulo at jbrice1@bloomberg.net

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