BP and Shell have agreed terms for Shell to acquire a 50% stake in the Tupinambá exploration block in Brazil’s Santos Basin, as well as a 30% stake in five leases containing the Conifer exploration prospect in the deepwater Gulf of America Paleogene.
BP will retain a 50% interest in Tupinambá and a 70% interest in Conifer, and will remain operator of both assets.
The transactions are part of BP’s approach to capital allocation as the company seeks to simplify its portfolio and strengthen its financial position.
“Brazil and the Gulf of America are important regions for BP, and bringing together two experienced operators can help unlock the potential of both opportunities,” said Gordon Birrell, BP’s executive vice president for upstream.
“This collaboration will help strengthen our position in both as we progress exploration activity,” he added.
Completion of the Tupinambá transaction remains subject to regulatory approvals.
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