Qatar Expands Overseas Ambitions With Brazil Deepwater Deal


State firm Qatar Petroleum’s (QP’s) overseas arm, Qatar Petroleum International (QPI), has purchased a 23% stake in the ultra-deep water Parque das Conchas (BC-10) project off Brazil from Shell for $1bn. This marks Qatar’s first oil and gas investment in South America.

Shell will maintain a 50% stake in the project and will remain operator; India’s ONGC owns the remaining 27%. The QP...