Qatar Petroleum International (QPI) has signed a memorandum of cooperation with Royal Dutch Shell in support of their new international upstream partnership in Brazil, Gulf Times has reported. The deal follows QPI’s $1bn purchase in April 2014 of a 23% stake in a major oil production asset, offshore Brazil operated by Shell known as BC-10 or Parque das Conchas. BC-10 is producing around 50,000 barrels of oil equivalent a day (boe/d). Phase 2 of the project, to tie-in the Argonauta O-North field, came online on October 1, 2013, with an expected peak production of 35,000 boe a day. A final investment decision for a Phase 3 of the BC-10 project was taken in July 2013, and once online is expected to reach a peak production of 28,000 boe a day.
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