BP Sells Offshore Exploration Stakes to Shell

BP reached an agreement to sell stakes in its offshore exploration assets in Brazil and the Gulf of Mexico to Shell. Under the terms of the deal, Shell will acquire a 50% stake in the Tupinambá exploration block in Brazil's Santos Basin and a 30% stake in five leases containing the Conifer exploration prospect in the deepwater Gulf of Mexico Paleogene.

BP will retain the remaining interests in both assets, holding 50% in Tupinambá and 70% in Conifer, and will continue to serve as the operator for both. The company stated the transactions align with its capital allocation approach as it works toward becoming a simpler, stronger, and more valuable company.

Completion of the Tupinambá transaction remains subject to regulatory approvals. Gordon Birrell, Executive Vice President of Upstream at BP, noted that combining two experienced operators could help develop the opportunities.