French company TotalEnergies has signed an agreement with Shell Brasil Petróleo to increase its interest in the operated Lapa offshore field in Brazil to 48%.
Under the deal, TotalEnergies will exchange its 20% non-operated interest in the Gato do Mato project for an additional 3% interest in the Lapa field.
Following the closure of this deal, TotalEnergies’ stake in Lapa will rise to 48%, making it the operator.
The field, situated in the Santos Basin 270km off the coast of Brazil, is already under TotalEnergies’ operation.
The Lapa South-West tie-back development, sanctioned in 2023, is expected to boost production by 25,000 barrels per day (bpd) by the end of the year.
TotalEnergies Americas Exploration & Production senior vice-president Javier Rielo said: “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. In addition, it further strengthens our operated position in the Lapa field, in the pre-salt Santos Basin.”
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By GlobalDataThis increase will elevate the total output of the Lapa field to 60,000bpd.
The agreement’s completion is contingent on customary conditions precedent, including regulatory approvals.
For more than five decades, TotalEnergies has been an active participant in Brazil’s energy sector, employing approximately 4,000 individuals in the country.
The company’s exploration and production portfolio in Brazil comprises 11 licenses, with four under its operation.
In 2024, TotalEnergies’ average production in Brazil was 153,000 barrels of oil equivalent per day (boepd).
In a separate transaction, TotalEnergies has consented to sell its 12.5% non-operated interest in the OML 118 production sharing contract (PSC), which includes the Bonga field, to Shell Nigeria Exploration and Production Company for $510m (€446.8m).
SNEPCo, the operator of OML 118 PSC with a 55% stake, will see its share increase to 67.5% post-acquisition.
