Bp sells stakes in Brazil and Gulf of America assets to Shell

Investing.com -- Bp has reached an agreement to sell a portion of its offshore exploration assets to Shell in Brazil and the Gulf of America. The deal involves two separate offshore blocks where bp will remain as operator.

Under the terms, Shell will acquire a 50% stake in the Tupinambá exploration block located in the Santos Basin offshore Brazil. Shell will also purchase a 30% stake in five leases that contain the Conifer exploration prospect in the deepwater Gulf of America Paleogene.

Bp will keep the remaining 50% interest in Tupinambá and 70% in Conifer. The company will continue to serve as operator for both assets.

Gordon Birrell, executive vice president of Upstream at bp, said the Brazil and Gulf of America regions remain important for the company. He noted that combining two experienced operators could help develop both opportunities and strengthen bp's position as exploration work moves forward.

The completion of the Tupinambá transaction requires regulatory approvals. Bp stated the transactions align with its capital allocation approach as it works toward becoming a simpler, stronger, and more valuable company.

You May Also Be Interested In

• Varonis Systems (VRNS) 1500 contracts of June 70 calls trade, share price up 11.5%
• Hewlett Packard Enterprise (HPE) Tops Q3 EPS by 19c; raises guidance
• Scorpio Gold Clarifies Trading Halt