Shell Acquires Stakes in BP Exploration Prospects in US Gulf and Brazil
Shell has agreed to acquire participating interests in two offshore exploration assets operated by BP across the US Gulf of Mexico and Brazilian waters.
Shell has moved to expand its upstream exploration portfolio through farm-in agreements with fellow UK-based energy major BP, targeting offshore assets across the Americas.
The commercial agreements provide Shell with equity positions in two exploration prospects, with one located in the U.S. Gulf of Mexico and the other situated offshore Brazil.
According to operational timelines for the acquired interests, exploration work is set to begin in the South American theatre first, with the Brazilian prospect scheduled for drilling ahead of the North American campaign.
Following the offshore campaign in Brazil, drilling activities on the U.S. Gulf of Mexico prospect are scheduled to move forward, with the spudding of that well slated to take place next year.
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