BAKU, Azerbaijan, September 3. bp and Shell have agreed on the terms of a deal under which Shell will acquire a 50% stake in the Tupinambá exploration block in Brazil’s Santos Basin, as well as a 30% stake in five leases covering the Conifer exploration prospect in the deepwater Gulf of America. The transactions are part of bp’s disciplined capital allocation strategy aimed at becoming a simpler, stronger and more valuable company, bp said. Following completion of the transactions, bp will retain a 50% interest in Tupinambá and a 70% interest in Conifer and will remain operator of both assets.
This collaboration will help strengthen our position in both as we progress exploration activity,” said Gordon Birrell, bp’s EVP Upstream. Completion of the Tupinambá transaction remains subject to regulatory approvals. Tupinambá is an offshore exploration block in the Santos Basin, located within Brazil’s pre-salt polygon.
The block was awarded to bp in the second cycle of Brazil’s Permanent Offer for Production Sharing (OPP) on December 13, 2023. As part of the bid, bp offered the Brazilian government a 6.5% share of oil production, representing a 33.2% premium over the minimum required in the tender. According to Brazilian state-owned Pré-Sal Petróleo S.A. (PPSA), R$7.047 million was paid in signature bonuses, while R$360 million in investments are planned during the first phase of the contract, covering the exploration period.
The Conifer prospect is located in the Keathley Canyon area, approximately 250 miles southwest of New Orleans, Louisiana, near bp’s Kaskida development. bp was awarded four leases covering the Conifer exploration prospect in August 2023 following Lease Sale 259. The fifth lease was awarded in February 2026 as part of the Big Beautiful Gulf 1 Lease Sale. The initial Conifer exploration well is expected to be drilled in 2027.
Source: https://www.trend.az/business/energy/4220178.html © 2026 Trend News Agency.
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