bp has agreed terms for Shell to acquire interests in two offshore exploration opportunities in Brazil and the US Gulf of Mexico, while bp will remain operator of both.

Shell will take a 50% interest in the Tupinambá exploration block in the Santos Basin offshore Brazil and a 30% interest in five leases covering the Conifer exploration prospect in the deepwater US Gulf of Mexico Paleogene play.

Following the transactions, bp will retain 50% of Tupinambá and 70% of Conifer.

Shell Brasil Petróleo Ltda will acquire the Tupinambá interest, while Shell Offshore Inc. will take the Conifer stake and participate in all five leases covering the prospect.

The Tupinambá exploration well is expected to spud soon. Drilling of the Conifer exploration well is expected in 2027.

Conifer is located in Keathley Canyon Block 340, around 250 miles southwest of New Orleans and close to bp’s Kaskida prospect.

bp received the Tupinambá block in December 2023 through the second production-sharing Permanent Offer cycle. Pré-Sal Petróleo S/A will remain responsible for managing the Production Sharing Contract for Brazil’s federal government.

For Conifer, bp was awarded four leases in August 2023 following Lease Sale 259. A fifth lease was awarded in February 2026 after the BBG-1 Lease Sale. Shell Offshore Inc. will enter all five leases.

Gordon Birrell, bp’s EVP Upstream, said the collaboration brings together two experienced operators as the company advances exploration activity in Brazil and the Gulf of America.

The Tupinambá transaction still requires regulatory approval before completion.