TotalEnergies, Shell exchange stakes in two offshore Brazil fields

TotalEnergies has signed an agreement with Shell to exchange its 20% non-operated interest in the Gato do Mato project for an additional 3% interest in Lapa, a producing offshore oil field. Upon closing, TotalEnergies will increase its stake in Lapa to 48% (operator), alongside Shell (27%) and Repsol Sinopec (25%).

Located in the Santos Basin, 270 kilometers off the coast of Brazil, Lapa is a deepwater offshore field operated by TotalEnergies. The Lapa South-West tie-back development, approved in 2023, will increase production by 25,000 barrels per day upon start-up by year-end, bringing total output of the field to 60,000 bpd.

“This transaction is aligned with our strategy to focus on low-cost, low-emission projects, such as Atapu 2 and Sepia 2 in Brazil, sanctioned in 2024," said Javier Rielo, Senior Vice President Americas, Exploration & Production at TotalEnergies. "In addition, it further strengthens our operated position in the Lapa field, in the pre-salt Santos Basin,” 

This agreement is subject to customary conditions precedent, notably regulatory approvals.