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Shell Sells Stake in Offshore Brazil Oil Block to Japan’s Inpex

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By Peter Millard

March 11 (Bloomberg) — Royal Dutch Shell Plc. confirmed that it sold part of its stake in an offshore Brazilian oil block to Japan’s Inpex Corp.

Shell said in an e-mailed statement today that it sold 15 percent of the BM-ES-23 block. Petroleo Brasileiro SA, Brazil’s state-controlled oil producer, operates the block with a 65 percent stake.

Financial terms of the deal weren’t disclosed.

To contact the reporter on this story: Peter Millard in Mexico City at [email protected]

To contact the editor responsible for this story: Jessica Brice at [email protected]

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