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.
Recommended Reading
FTC Nixes Orders Banning Hess, Sheffield from Chevron, Exxon Boards
2025-07-18 - The FTC voted 3-0 to set aside orders barring oil veterans John Hess and Scott Sheffield from serving on the Chevron and Exxon boards, respectively.
Pension Funds Eye Oil ETFs Amid Volatility, Middle East Tensions
2025-07-02 - Investors in energy ETFs should be wary of short-term volatility in commodity-linked ETFs amid geopolitical tensions in the Middle East.
Energy Pundits Bullish on Economy, Despite Volatility
2025-06-06 - Tariff and inflation fears are complicating an energy market with sectors that remain poised to boom, financial managers say.
Five Point Forms PowerBridge with $1B Commitment to Build Data Centers
2025-05-15 - Five Point Infrastructure has formed PowerBridge LLC with a $1 billion equity commitment to develop and manage gigawatt-scale data centers and associated infrastructure.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.