- BP agreed to sell a 50% stake in its Tupinambá exploration block in offshore Brazil to Shell.
- BP also agreed to sell a 30% stake in five leases for the Conifer exploration prospect in the deepwater Gulf of America to Shell.
- BP said it will remain the operator for both prospects, retaining 50% in Tupinambá and 70% in Conifer.
LONDON, United Kingdom — BP p.l.c. and Shell have agreed terms for Shell to acquire stakes in two exploration prospects located offshore Brazil and in the deepwater Gulf of America.
BP p.l.c. said in an emailed press release today that Shell will acquire a 50% stake in the Tupinambá exploration block in the Santos Basin, offshore Brazil. Shell will also gain a 30% stake in five leases containing the Conifer exploration prospect in the deepwater Gulf of America Paleogene.
Transaction Details
BP will retain its remaining 50% interest in the Tupinambá block and a 70% interest in the Conifer prospect. BP will continue to operate both exploration areas. The completion of the Tupinambá transaction remains subject to regulatory approvals.
Strategic Rationale
BP stated that these transactions support its disciplined approach to capital allocation. Gordon Birrell, BP’s Executive Vice President Upstream, said that bringing together two experienced operators could help unlock the potential of both opportunities. He added that the collaboration would strengthen BP’s position in both regions as exploration activity progresses.