British Petroleum (bp) has agreed to sell stakes in several exploration assets to Shell as part of its strategy to streamline its portfolio and strengthen capital allocation, bp said in a press release.

Under the agreements, Shell will acquire a 50% stake in the Tupinambá exploration block in the Santos Basin, offshore Brazil, while bp will retain the remaining 50% interest.

Shell will also acquire a 30% stake in five deepwater leases containing the Conifer exploration prospect in the Paleogene of the Gulf of America. bp will retain a 70% interest in the leases.

bp will continue to operate both assets after the transactions close.

The deals support bp’s disciplined capital allocation strategy and its efforts to become a simpler, stronger, and more valuable company.

In August 2026, bp marketed its North Sea business for a potential sale as part of its ongoing portfolio review and strategy to optimize capital allocation and build a simpler, stronger, and more valuable portfolio.