TotalEnergies has announced the signing of an agreement with Shell Brasil Petróleo Ltda to exchange its 20 percent non-operated interest in the Gato do Mato project for an additional 3 percent stake in the Lapa offshore oil field. Following the transaction’s completion, TotalEnergies will increase its ownership in Lapa to 48 percent while maintaining its operator status, with Shell holding 27 percent and Repsol Sinopec retaining 25 percent.
The Lapa field is situated in the Santos Basin, approximately 270 kilometres off Brazil’s coast, and operates as a deep-offshore project under TotalEnergies’ management. The field’s production capacity is set to expand significantly with the Lapa South-West tie-back development, which received approval in 2023. This development project is expected to add 25,000 barrels per day to the field’s output when it comes online by year-end, bringing Lapa’s total production to 60,000 barrels per day.
Javier Rielo, senior vice president Americas, exploration & production at TotalEnergies, emphasised that the transaction aligns with the company’s strategic focus on low-cost, low-emission projects. He referenced TotalEnergies’ recent sanctioning of the Atapu 2 and Sepia 2 projects in Brazil during 2024 as examples of this strategic direction. Rielo noted that the asset exchange further strengthens TotalEnergies’ operated position in the Lapa field within the prolific pre-salt Santos Basin.
The transaction represents a strategic repositioning for TotalEnergies in Brazil’s offshore energy sector, allowing the company to consolidate its operations around higher-value, operator-controlled assets while maintaining its commitment to efficient, lower-emission oil production in one of the world’s most significant offshore basins.
For more information visit www.totalenergies.com
