TotalEnergies and Shell have agreed to an asset exchange in Brazil's offshore oil fields. TotalEnergies will trade its 20% non-operated stake in the Gato do Mato project for an additional 3% stake in the Lapa field , boosting its ownership to 48% . Following the deal, Shell will retain 27% of Lapa, while Repsol Sinopec holds the remaining 25% .
Located 270 km off Brazil's coast in the Santos Basin, Lapa is a deepwater field operated by TotalEnergies. Production is set to rise by 25,000 barrels per day (bpd) by late 2025 with the Lapa South-West tie-back project , approved in 2023. This expansion will increase the field's total output to 60,000 bpd .
Javier Rielo, TotalEnergies' Senior Vice President for the Americas, stated that the deal aligns with the company's strategy of prioritizing low-cost, low-emission projects , including Brazil's Atapu 2 and Sepia 2 developments , approved in 2024. The transaction also reinforces TotalEnergies' role as operator in the pre-salt Santos Basin .
The agreement remains subject to regulatory approvals and other standard conditions.