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Sparks commentary - bp

Energy & Resources

Sparks - bp

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bp (LSE: BP) – Shell takes stakes in Brazil and Gulf of America exploration prospects
Published by Harry Kilby

bp and Shell have agreed terms for Shell to acquire a 50% interest in the Tupinambá exploration block in the Santos Basin, offshore Brazil, 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 prospects. Completion of the Tupinambá transaction remains subject to regulatory approvals.

Management stated that the transactions support bp’s disciplined approach to capital allocation and its objective of becoming a simpler, stronger and more valuable company. bp also highlighted Brazil and the Gulf of America as important regions for the group, with the collaboration intended to strengthen its position in both as exploration activity progresses.

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