bp and Shell agree stakes in Tupinambá and Conifer exploration prospects
Key highlights
- Shell will acquire a 50% stake in the Tupinambá exploration block in the Santos Basin offshore Brazil.
- Shell will acquire a 30% stake in five leases containing the Conifer prospect in the deepwater Gulf of America Paleogene.
- bp will retain the remaining 50% interest in Tupinambá and 70% in Conifer and will continue as operator in both.
- Completion of the Tupinambá transaction remains subject to regulatory approvals.
Deal terms
Shell has agreed to acquire a 50% stake in the Tupinambá exploration block in the Santos Basin, offshore Brazil, and a 30% stake in five leases that contain the Conifer exploration prospect in the deepwater Gulf of America Paleogene.
Holdings and operations
bp will retain the remaining 50% interest in Tupinambá and 70% in Conifer and will continue as operator for both opportunities.
Comment and next steps
Gordon Birrell, EVP Upstream, said bringing two experienced operators together can help unlock the potential of both opportunities and strengthen bp's position as exploration activity progresses.
Completion of the Tupinambá transaction is subject to regulatory approvals.
Source: bp
