Shell reaches agreement with BP to acquire 50% stake in Tupinamba block, Santos Basin

Sept. 2 – Shell has signed an agreement with bp to acquire a 50% stake in the Tupinambá exploration block, located in the Santos Basin, as well as a 30% interest in five concessions comprising the Conifer exploration prospect in the Paleogene province of the deepwater US Gulf of Mexico.

bp will retain the remaining 50% stake in Tupinambá and 70% in Conifer, continuing as the operator of both assets. Completion of the transaction involving Tupinambá remains subject to regulatory approvals.

“Brazil and the US Gulf of Mexico are strategic regions for bp, and combining the expertise of two experienced operators can help unlock the potential of these opportunities. This collaboration will strengthen our presence in both regions as we advance our exploration activities,” said Gordon Birrell, bp’s Executive Vice President for Upstream.

Drilling of the Conifer exploration well is scheduled for 2027. Drilling of the Tupinambá exploration well is expected to begin soon. bp acquired the Tupinambá block in December 2023 during the second cycle of the Permanent Offer for Production Sharing. Pré-Sal Petróleo S.A. (PPSA) will continue to manage the Production Sharing Contract on behalf of the federal government.

“This is an excellent growth opportunity for Shell in the country,” commented João Santos Rosa, President of Shell Brazil. “The agreement not only strengthens our position in the Santos Basin but also establishes a new partnership with bp in our Exploration and Production business in Brazil, aligning with our ambition to generate long-term value from competitive energy resources,” he added.