Petrobras' partners in the BC-10 development, also known as Parque das Conchas, have finalized a buyout worth approximately US$1.6 billion for the Brazilian national's 35% interest in the project.
Shell will pay $1 billion for its additional 23% interest; the super major will now hold 73% operating stake. Partner India's ONGC Videsh announced in October that it will pay $529 million for its additional 12%, which ups the company's total stake in the block to 27%. Petrobras had previously been in discussions with China's Sinochem to sell its 35% share in the BC-10 project for a reported $1.56 billion, according to Reuters.
Onstream since 2009, the BC-10 project is located in the Campos basin, off the country's southeast coast. It includes four offshore deepwater fields – Ostra, Abalone, Argonauta and Nautilus, which are tied back to the Espírito Santo FPSO vessel. Water depths at the fields range from 1500-1950m. The project's phase 2, a tie-in to the Argonauta O-North field, went online in October. Shell expects Phase 2 to hit a production peak of 35,000 boe/d. A final investment decision for Phase 3 was taken in July. This part of the project will include the installation of subsea infrastructure at the Massa and Argonauta O-South reservoirs. Phase 3 is expected to reach a peak production of 28,000 boe/d when it comes online.
Image: Espirito Santo FPSO, SBM Offshore
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