Share Transfer Agreement Between Shell and BP in the Gulf of Mexico and Brazil
Energy giant Shell has reached an agreement to acquire shares in exploration fields operated by BP in the Gulf of Mexico and Brazil.
British energy company Shell's subsidiary, Shell Offshore, announced that it will acquire a 30 percent stake in the BP-operated Conifer field in the Gulf of Mexico and will also hold a 50 percent stake in the Tupinamba block in Brazil.
Partnership Step in the Gulf of Mexico
Shell Offshore, a subsidiary of British energy company Shell, officially announced that it will acquire a 30 percent stake in the Conifer exploration field in the Gulf of Mexico, operated by BP.
Tupinamba Block in Brazil
According to a separate announcement, Shell has reached an agreement to acquire a 50 percent stake in the Tupinamba exploration block located in Brazil's Santos Basin.
Portfolio Strategy in the Energy Sector
After heavily investing in renewable and low-carbon energy areas for many years, Shell and BP have begun to focus once again on long-term growth moves within their oil and natural gas portfolios.
Operational Structure Maintained
Following these agreements, BP will continue to hold its 50 percent stake in the Tupinamba field and its 70 percent stake in the Conifer field, maintaining its position as the operator in both fields.