TotalEnergies has signed a swap arrangement with Shell concerning two deepwater development projects offshore Brazil.
Subject to regulatory and other approvals, Shell Brasil Petróleo would receive TotalEnergies’ 20% interest in the recently sanctioned Gato do Mato project.
In exchange, TotalEnergies would secure an additional 3% interest in the producing Lapa oil field, lifting its operated stake to 48%. Existing partners Shell would hold 27% and Repsol Sinopec 25%.
Lapa (formerly known as the Carioca Field) is 270 km offshore in the presalt Santos Basin. Production through the MODEC-operated FPSO, currently focused on the northeast of the field, will rise by 25,000 bbl/d to 60,000 bbl/d once the current Lapa South-West subsea tie-in development goes onstream, likely around the end of the year.
“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 of Americas, Exploration & Production at TotalEnergies.
