(WO) — Shell will acquire stakes in two bp-operated exploration opportunities offshore Brazil and in the Gulf of America, expanding collaboration between the majors ahead of planned exploration drilling.
Under the agreements, Shell will acquire a 50% interest in the Tupinambá exploration block in Brazil’s offshore Santos basin and a 30% interest in five leases containing the Conifer exploration prospect in the deepwater Gulf of America Paleogene.
bp will retain a 50% interest in Tupinambá and 70% in Conifer and will continue as operator of both. Financial terms were not disclosed.
Drilling at Tupinambá is expected to begin soon, while the Conifer exploration well is planned for 2027. Completion of the Tupinambá transaction remains subject to regulatory approvals.
“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,” said Gordon Birrell, bp executive vice president, Upstream.
“The Gulf of America (GoA) remains a world-class basin, and we are continually looking for opportunities to grow our position and create value,” added Colette Hirstius, Shell’s Executive Vice President for GoA and Shell USA President. “Conifer is another way to strengthen our position in this highly competitive region.”
bp was awarded Tupinambá in December 2023 under Brazil’s second production-sharing Permanent Offer cycle. The company secured four leases covering the Conifer prospect through Lease Sale 259 in August 2023 and added a fifth lease following the BBG-1 lease sale in February 2026.
Shell will enter all five leases covering the Conifer prospect.
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