Shell boosted by Brazilian offshore sale

Shell gave shareholders a fillip today when it agreed to sell a stake in one of its offshore Brazilian oil fields for $1 billion (£603 million).

The FTSE 100 oil giant, which issued a profits warning this month, is selling a 23% stake in the Parque das Conchas field, leaving it with 50%.

The field, known as BC-10, is being bought by state company Qatar Petroleum International and is part of Shell’s attempt to raise about $15 billion cash over the next two years.

Shell is also thought to be considering selling a $1 billion stake in its 563-kilometre Houston-to-Houma oil pipeline in the US.

The company’s shares rose by 10p to 1,323p on news of the BC-10 deal. Shell will announce its 2013 results tomorrow.