BAKU, Azerbaijan, June 4. TotalEnergies has signed an agreement with Shell Brasil Petróleo Ltda to exchange its 20% non-operated interest in the Gato do Mato project for an additional 3% stake in the Lapa offshore oil field, Trend reports.
Following the completion of the transaction, TotalEnergies will hold a 48% interest in Lapa and continue to serve as the field’s operator. Shell will retain a 27% stake, while Repsol Sinopec holds 25%.
The Lapa field is located in the pre-salt Santos Basin, approximately 270 kilometers off the coast of Brazil. The asset is part of TotalEnergies’ portfolio of deepwater projects focused on cost efficiency and lower emissions.
In 2023, a development plan for the Lapa South-West tie-back was approved, which is expected to increase the field’s production by 25,000 barrels per day by the end of 2024. Once operational, this will bring Lapa’s total daily production to 60,000 barrels.
Commenting on the transaction, Javier Rielo, Senior Vice President Americas, Exploration & Production at TotalEnergies, said the move supports the company’s strategic focus on low-cost and low-emission assets, citing other recent developments in Brazil such as Atapu 2 and Sepia 2.
The completion of the agreement remains subject to standard regulatory approvals.