Anglo Dutch oil giant Shell yesterday announced plans to raise £600million through the sale of assets offshore Brazil to Qatar.
The move is the latest big-money disposal by the company, which issued a shock profits warning earlier this month.
The announcement of the sale came just a day before the oil giant releases its full-year results for 2014 today.
Earlier this month Shell warned profits would be an estimated £600million short of consensus due to spiralling costs, security issues in Nigeria and poor downstream sales.
The warning marked a baptism of fire for chief executive, Ben van Beurden, who delivered the bad news just two weeks after he succeeded Peter Voser to the role.
In a statement the company said: “Fourth-quarter 2013 figures are expected to be significantly lower than recent levels of profitability.”
“Our 2013 performance was not what I expect from Shell,” Mr van Beurden added.
“Our focus will be on improving Shell’s financial results, achieving better capital efficiency and on continuing to strengthen our operational performance and project delivery.”
Qatar Petroleum International will take a 24% stake in the Parque das Conchas project, which could eventually produce more than 75,000 barrels of oil per day.
Last week Shell sold off its stake in the giant Wheatstone liquefied natural gas project in Australia for £663million to Kuwait’s state-run Foreign Petroleum Exploration Company.
The new deal will see Shell retain a 50% working interest in the offshore project, which sits in waters of 1,780metres off the coast of Espirito Stanto.
The field is producing around 50,000 barrels of oil equivalent per day, with the second phase – expected to peak at 35,000boed – having only come online in October last year.
Final investment in the third phase of the project was approved last July, and is expected to add a further 28,000 barrels equivalent per day to the output.
The field is tied to an FPSO, and has already produced more than 80million barrels of oil.