S'abonner

TotalEnergies strengthens its position in Brazil with additional 3% stake in Lapa field

TotalEnergies has signed an agreement with Shell to increase its stake in Brazil’s offshore Lapa field to 48%, while divesting its interest in Gato do Mato.

Share:

TotalEnergies EP Brasil announced on Wednesday the signing of an agreement with Shell Brasil Petróleo Ltda (Shell) involving an asset swap within the framework of its offshore oil project in Brazil. Under the agreement, TotalEnergies will acquire an additional 3% interest in the offshore Lapa field, raising its total share to 48%, while Shell will retain 27% and Repsol Sinopec 25%. In exchange, TotalEnergies will divest its 20% non-operated stake in the Gato do Mato project.

Increased production at Lapa

The Lapa field, located in the Santos Basin approximately 270 kilometres off the Brazilian coast, has been producing for several years. The planned expansion via the Lapa South-West project, which includes a subsea tieback, is expected to boost production by 25,000 barrels per day by the end of 2025, bringing total output at the field to 60,000 barrels per day.

TotalEnergies’ investment strategy

The transaction aligns with TotalEnergies’ strategy to focus investment on low-cost, low-emission projects. Javier Rielo, Director for the Americas at TotalEnergies, stated that the swap strengthens the company’s operated position in the pre-salt Santos Basin, following approval of the Atapu 2 and Sepia 2 projects in Brazil in 2024.

A key player in Brazil

TotalEnergies has been active in Brazil for nearly 50 years and currently employs around 4,000 people in the country. In addition to oil and gas operations, the company is also investing in renewable energy. In 2022, it signed a partnership with Casa dos Ventos, a leading Brazilian renewable energy company, to jointly develop a 12 GW renewable energy portfolio. In 2024, TotalEnergies’ average production in Brazil reached 153,000 barrels of oil equivalent per day.

Finalisation of the agreement remains subject to customary regulatory approvals.

  • Populaires ​
Occidental Petroleum reduces production in the Gulf of Mexico in the second quarter
Azule Energy announces major offshore gas discovery in the Angolan Congo Basin
SPIE wins new strategic contract for the 315 MW Windanker offshore wind farm
South Africa: Eskom Under Pressure from Residential Solar Growth
ACWA Power, Badeel and SAPCO to invest $8.3bn for 15,000 MW of renewables in Saudi Arabia
The oil and gas fishing market targets USD4.36bn by 2031, driven by offshore drilling
The expansion of the global oil and gas fishing market is accelerating on the back of offshore projects, with annual growth estimated at 5.7% according to The Insight Partners.
Schlumberger divests assets to secure approval from Canada’s Competition Bureau
The Competition Bureau has required Schlumberger to divest major assets to finalise the acquisition of ChampionX, thereby reducing the risks of market concentration in Canada’s oilfield services sector. —
Saturn Oil & Gas buys back over 1.6 million shares for C$3.46mn in Canada
Saturn Oil & Gas Inc. confirms the acquisition of 1,608,182 common shares for a total amount of USD3.46mn, as part of its public buyback offer in Canada, resulting in a reduction of its free float.
OPEC Cuts Forecasts but Anticipates Rising Oil Demand
OPEC slightly adjusts its production forecasts for 2025-2026 while projecting stable global demand growth, leaving OPEC+ significant room to increase supply without destabilizing global oil markets.
European Union struggles to agree on new Russian oil price cap
Talks between European Union member states stall on the adoption of the eighteenth sanctions package targeting Russian oil, due to ongoing disagreements over the proposed price ceiling.
Drone attacks disrupt five oil fields in Iraqi Kurdistan within one week
Three new oil fields in Iraqi Kurdistan have been targeted by explosive drones, bringing the number of affected sites in this strategic region to five in one week, according to local authorities.
ShaMaran suspends production after explosion at HKN-operated site
An explosion at 07:00 at an HKN Energy facility forced ShaMaran Petroleum to shut the Sarsang field while an inquiry determines damage and the impact on regional exports.
Tamarack Valley refinances USD 237 mn in bond debt and extends its maturities
The Canadian producer issues USD 237 mn in senior notes at 6.875 % to repay bank debt, repurchase USD 73 mn of 2027 notes and push most of its maturity schedule to 2030.
BP raises second-quarter production forecast driven by US shale growth
BP revised upwards its production forecast for the second quarter of 2025, citing stronger-than-expected results from its US shale unit. However, lower oil prices and refinery maintenance shutdowns weighed on overall results.
Serbia seeks new US sanctions waiver for NIS amid geopolitical tensions with Russia
Belgrade is engaged in complex negotiations with Washington to obtain a fifth extension of sanctions relief for the Serbian oil company NIS, which is majority-owned by Russian groups.
European Union finalises agreement to lower Russian oil price cap
European Union ambassadors are close to reaching an agreement on a new sanctions package aimed at reducing the Russian oil price cap, with measures impacting several energy and financial sectors.
Backbone Infrastructure Nigeria Limited launches $15bn refinery project in Nigeria
Backbone Infrastructure Nigeria Limited is investing $15bn to develop a 500,000-barrel-per-day oil refinery in Ondo State, a major project aimed at boosting Nigeria’s refining capacity.
South African state exposes public finances to uncertain Sapref refinery buyout
The Central Energy Fund’s takeover of the Sapref refinery introduces major financial risks for South Africa, with the facility still offline and no clear restart strategy released so far.
PetroTal increases production by 15% in Q2 2025 and strengthens liquidity
PetroTal Corp. records production growth in the second quarter of 2025, improves its cash position and continues replacing key equipment at its main oil sites in Peru.
Bomb attack halts operations on Colombia’s Caño Limón-Coveñas oil pipeline
An explosion caused by a homemade explosive device in northeastern Colombia has forced Cenit, a subsidiary of Ecopetrol, to temporarily suspend operations on the strategic Caño Limón-Coveñas pipeline, crucial to the country's oil supply.
Trump’s New Measures Open Oil Access, Real Impact Remains Uncertain
U.S. legislation eases access to federal lands for oil production, but fluctuations in crude prices may limit concrete impacts on investment and medium-term production, according to industry experts.
Permex Petroleum raises US$2mn through convertible debentures to support operations
Permex Petroleum Corporation has completed a US$2mn fundraising by issuing convertible debentures, aimed at strengthening its cash position, without using intermediaries, and targeting a single institutional investor.
PDVSA oil sales abroad reach $17.5bn in 2024 despite sanctions
Petróleos de Venezuela S.A. (PDVSA) recorded $17.52bn in export sales in 2024, benefiting from increased volumes due to U.S. licences granted to foreign partners, according to an internal document seen by Reuters.
Chevron triggers supply crisis after zinc contamination found in Mars crude oil
The detection of zinc in Mars crude extracted off the coast of Louisiana forced the US government to draw on its strategic reserves to support Gulf Coast refineries.
Tatneft Accelerates TANECO’s Transformation with a New Hydrocracking Unit
Commissioning of a 1.2-million-ton hydrocracking unit at the TANECO site confirms the industrial expansion of the complex and its ability to diversify refined fuel production.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING