Shell buys stakes in BP assets
Shell Offshore agreed to acquire a 30 percent stake in BP's Conifer prospect in the Gulf of Mexico. Shell will also take a 50 percent interest in Brazil's Tupinamba block as both energy majors refocus on oil and gas portfolios.
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SHELL PLC will acquire a 30% stake in the BP PLC-operated Conifer exploration prospect in the Gulf of Mexico, the companies announced on Wednesday afternoon. The agreement marks a strategic shift for the United Kingdom energy majors as they refocus on core oil and gas portfolios. Both firms previously directed substantial capital toward lower-carbon energy and renewable businesses.