LONDON (Alliance News) - Royal Dutch Shell PLC on Monday said the joint venture working on the Parque das Conchas development in Brazil has started the third phase of oil production from the off-shore project.
Shell, which owns 50% of the project alongside partners ONGC, the Indian oil and gas group, and Qatar Petroleum International, said production on the final phase of the project, located in the Campos Basin, is expected to add up to 20,000 barrels of oil equivalent per day at peak production.
"The safe, early delivery of this production is a testament to the efficiency of our deep-water project execution," said Wael Sawan, executive vice-president of deepwater at Shell.
Shell 'A' shares were down 1.0% to 1,652.50 pence, while Shell 'B' shares were down 1.1% to 1,658.50p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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