reuters.com

Shell to buy 50% stakes in BP-operated Conifer and Tupinamba blocks

Shell logoShell
Sig2.78Sen+1.82Env-2.17Soc-0.11Gov+0.52
BP logoBP
Sig2.51Sen+1.68Env-1.35Soc-0.12Gov+0.53

Shell and BP plan long-term growth in their oil and gas portfolios. Shell will acquire a 50% stake in BP-operated Conifer in the Gulf of Mexico and a 50% stake in the Tupinamba exploration block in Brazil’s Santos Basin, while BP keeps the remaining interests and continues as operator. BP points to Brazil’s Bumerangue discovery as holding 8 billion barrels of liquids and notes the Gulf supplies about 15% of U.S. crude.

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