TotalEnergies and Shell Exchange Lapa and Gato do Mato Stakes

(OE) TotalEnergies has signed an agreement with Shell Brasil Petróleo to exchange its 20% non-operated interest in the Gato do Mato project for an additional 3% interest in Lapa, a producing offshore oil field.

Through the agreement TotalEnergies will increase its interest in the operated Lapa offshore field to 48% by acquiring an additional 3% stake from Shell.

Shell will retain 27%, with Repsol Sinopec holding the remaining 25%.

Located in the Santos Basin, 270 kilometers off the coast of Brazil, Lapa is a deep-offshore field operated by TotalEnergies.

The Lapa South-West tie-back development, approved in 2023, will increase production by 25,000 barrels per day upon start-up by year-end, bringing total output of the field to 60,000 barrels per day.

“This transaction is aligned with our strategy to focus on low-cost, low-emission projects, such as Atapu 2 and Sepia 2 in Brazil, sanctioned in 2024. In addition, it further strengthens our operated position in the Lapa field, in the pre-salt Santos Basin”, said Javier Rielo, Senior Vice President Americas, Exploration & Production at TotalEnergies.

The agreement is subject to customary conditions precedent, notably regulatory approvals.