TotalEnergies EP Brasil is exchanging its 20% non-op interest in the Gato do Mato project with Shell Brasil Petróleo Ltda. for an additional 3% interest in Lapa. (Source: Shutterstock)
TotalEnergies is increasing its operator stake in Brazil’s Lapa offshore oilfield to 48%, the company said in a June 4 announcement.
TotalEnergies EP Brasil is exchanging its 20% non-op interest in the Gato do Mato project with Shell Brasil Petróleo Ltda. for an additional 3% interest in Lapa.
Shell made a final investment decision (FID) on Gato do Mato in March. The interest swap brings Shell’s stake in the project to 70% as operator. Ecopetrol holds the other 30%.
Lapa is located in the Santos Basin, 270 km off the coast of Brazil. The Lapa South-West tieback development is expected to increase production by 25,000 bbl/d. When the tieback starts up, total output of the field will go to 60,000 bbl/d.
TotalEnergies’ average production in Brazil was 153,000 boe/d in 2024. TotalEnergies made FID last year with its partners on two projects in the pre-salt Santos Basin. Sépia-2 and Atapu-2 are each expected to contribute 225,000 bbl/d in production, the company said at the time of the FID’s announcement.
“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,” said Javier Rielo, TotalEnergies’ senior vice president Americas, exploration & production.
The agreement remains subject to customary closing conditions. Financial details were not disclosed.
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