BP agrees to sell Shell 50% stake in Tupinambá exploration block offshore Brazil

• BP agreed terms for Shell to buy 50% of the Tupinambá exploration block in Brazil’s Santos Basin.
• Shell will also take 30% in five deepwater Gulf of America leases covering the Conifer exploration prospect.
• BP will retain 50% of Tupinambá, 70% of Conifer, remaining operator of both assets.
• Deal supports BP’s capital allocation strategy to simplify the portfolio.
• Tupinambá transaction remains subject to regulatory approvals.

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