THE HAGUE, Netherlands, Jan. 29 (UPI) -- Dutch energy company Shell said Wednesday it was selling off nearly a quarter of its Parque das Conchas project in Brazil to a Qatari company for $1 billion.
Shell said it would continue operating the oil project in Brazil after it sells off a 23 percent stake in Parque das Conchas to Qatar Petroleum International.
The Dutch energy company said the project, dubbed BC-10, is producing approximately 50,000 barrels of oil equivalent per day. Since production began four years ago, Shell said BC-10 has produced more than 80 million barrels of oil equivalent.
Shell brought Phase 2 of the project online in October, saying the development at the deep water field would extend its life. Shell said developments at BC-10 are among the deepest in the world, with some operations more than a mile below the water's surface.
The sale is in line with Shell's efforts to sell off some assets to generate more cash flow.
Brazil is one of the premier oil producers in Latin America. There was no statement from Qatar Petroleum.