News Brief | October 2015
Brazil tells Shell, Qatar Petroleum, ONGC to develop 2 oilfields as one
Brazil´s National Petroleum Agency (ANP) ruled that Royal Dutch Shell and its Qatari and Indian partners need to treat oil and gas fields in the Parque das Conchas area as a single deposit, Shell said, a move that could increase taxes on output.
Shell owns 50 per cent of Parque das Conchas, its main Brazilian asset. Qatar´s state oil company Qatar Petroleum owns 23 per cent and India´s ONGC owns 27 per cent. The ANP´s decision to treat the fields as a single deposit applies to two of Shell´s four fields in the block, also known as BC-10, for which it holds exploration and production rights.
The decision comes as Shell prepares to expand production in the block that now produces 50,000 barrels per day of oil equivalent and take over the Brazilian properties of Britain´s BG Group Plc, which it is buying.