Shell Welcomes KUFPEC as Partner in the Orca Project (Gato do Mato) in Brazil

Feb. 3 (TN) Shell Brasil Petróleo Ltda. (Shell Brasil), a subsidiary of Shell plc, has signed an agreement to sell a 20% stake in the Orca Project to Kuwait Foreign Petroleum Exploration Company (KUFPEC). Orca is a deepwater project in the pre-salt area of ​​the Santos Basin. After the transaction is completed, Shell will remain as operator, retaining a 50% stake.

The agreement reinforces the disciplined allocation of capital in Shell’s global portfolio and maintains the company as the largest foreign oil and gas producer in the country. The operation also strengthens the strategic partnership between Shell and KUFPEC in several upstream markets.

“We are pleased to welcome KUFPEC as a partner in Orca, a project essential to sustaining liquids production in our upstream portfolio,” said Peter Costello (pictured), President of Upstream at Shell. “With this advancement, we expect to expand upon the positive results of our collaboration with KUFPEC in Egypt. This move further deepens our long-term commitment and strategic partnership in Kuwait, in line with the strong collaboration we maintain with Kuwait Petroleum Corporation.” The transaction is subject to regulatory approval, the exercise of preferential rights, and closing conditions. Completion is expected by the end of 2026.

• The Orca Project is a unitized development encompassing the BM-S-54 Concession Contract and the South Orca Production Sharing Contract (PSC). Prior to KUFPEC’s entry, the contracts involved Shell (operator, with a 70% stake), Ecopetrol (30%), and Pré-Sal Petróleo S.A. (PPSA), as manager of the PSC. Upon completion of the transaction, the structure will be: Shell (operator) with 50%, Ecopetrol with 30%, and KUFPEC with 20%.
• Orca’s partners recently made the final investment decision (March 2025): Shell invests in the Gato do Mato project in Brazil’s pre-salt | Shell Global.
• Created in April 1981 by Kuwait Petroleum Corporation (KPC), its parent company, Kuwait Foreign Petroleum Exploration Company (KUFPEC) operates internationally in the exploration, development and production of crude oil and natural gas outside the State of Kuwait.