Shell Brasil Petróleo and TotalEnergies have signed an agreement to exchange interest stakes in the Gato do Mato and Lapa offshore fields in Brazil’s Santos Basin, the companies announced on Wednesday.
TotalEnergies will exchange it’s 20% interest in the Shell-operated Gato do Mato field for an additional 3% in Lapa, where it is the operator. The deal will increase TotalEnergies’ stake in Lapa to 48% and Shell’s stake in Gato do Mato to 70%.
Lapa is a deepwater producing field located 270 kilometres offshore. In January 2023, TotalEnergies reached a FID on the Lapa South-West tie-back development, which calls for three wells to be connected to an FPSO on location and is expected to increase production by 25,000 bopd upon start-up by end-2025, bringing output to around 60,000 bopd. Total Energies’ partners in Lapa are Shell, with a 27% stake, and Repsol Sinopec, with 25%.
On its part, Shell reached a FID in March 2025 on the Gato do Mato project, whose development plans includes the deployment of a FPSO with capacity of up to 120,000 bopd. Initial operations will involve the reinjection of natural gas for reservoir pressure support, with future optionality to export gas to onshore facilities. Shell’s partner in Gato do Mato is Ecopetrol, which holds a 30% interest.
“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, senior vice-president Americas, Exploration & Production at TotalEnergies.
The transaction is subject to customary conditions and regulatory approvals.