Shell cuts stake in Brazil oil project with $1 bn sale to Qatar.

Oil firm Royal Dutch Shell Plc is selling a stake in a Brazilian oil project to Qatar Petroleum International (QPI) for $1 billion, in line with this year's plan to ramp up disposals.

Shell said recently it was selling 23% of the Parque das Conchas or BC-10 project off the coast of Brazil, leaving it with a 50% interest. It will continue to operate the 50,000 barrels of oil per day project. Earlier in January, Shell sold a stake in a gas project in Western Australia for $1.14 billion as part of its drive to improve return on investment, days after it had issued a shock profit warning for fourth quarter.

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