bp welcomes Shell into exploration prospects in Brazil and Gulf of America

bp and Shell have reached an agreement for Shell to acquire a 50% interest in the Tupinambá exploration block in Brazil’s offshore Santos Basin. The agreement also includes the acquisition of a 30% stake in five leases covering the Conifer exploration prospect in the deepwater Gulf of America Paleogene.

The transactions are aligned with bp’s disciplined capital allocation strategy as the company works to become simpler, stronger and more valuable.

bp will retain a 50% interest in Tupinambá and a 70% interest in Conifer, while continuing to serve as operator of both assets.

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.”