bp and Shell have agreed terms for Shell to acquire a 50% stake in the Tupinambá exploration block in the Santos Basin, offshore Brazil, in addition to a 30% stake in five leases containing the Conifer exploration prospect in the deepwater Gulf of America Paleogene.
The transactions support bp's disciplined approach to capital allocation in service of becoming a simpler, stronger, more valuable company.
bp will retain the remaining 50% interest in Tupinambá and 70% in Conifer and continue as operator in both.
Gordon Birrell, EVP Upstream, said: "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.
This collaboration will help strengthen our position in both as we progress exploration activity.”
Completion of Tupinambá remains subject to regulatory approvals.
