bp and Shell have agreed terms for Shell to acquire a 50 per cent stake in the Tupinambá exploration block in the Santos Basin, offshore Brazil, in addition to a 30 per cent stake in five leases containing the Conifer exploration prospect in the deepwater Gulf of America Paleogene.
The transactions support bp's disciplined approach to
capital allocation in service of becoming a simpler, stronger, more valuable
company.
bp will retain the remaining 50 per cent interest in
Tupinambá and 70 per cent in Conifer and continue as operator in both.
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.”
Completion of Tupinambá remains subject to regulatory approvals. -OGN/TradeArabia News Service
