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PARIS - TotalEnergies (EPA:TTEF) EP Brasil has recently signed an agreement with Shell Brasil Petróleo Ltda, which will result in an increased stake for TotalEnergies in the Lapa offshore field, located in the Santos Basin off the coast of Brazil. Following the closure of the deal, which is subject to regulatory approvals, TotalEnergies’ interest in Lapa will rise to 48%, with Shell retaining a 27% stake and Repsol (OTC:REPYY) Sinopec (OTC:SHIIY) holding the remaining 25%.
The Lapa field, operated by TotalEnergies, is set to expand its production by 25,000 barrels per day by the end of the year, thanks to the Lapa South-West tie-back development approved in 2023. This increase will bring the total output of the field to 60,000 barrels per day.
In exchange for the additional 3% interest in Lapa, TotalEnergies will divest its 20% non-operated interest in the Gato do Mato project. Javier Rielo, Senior Vice President Americas, Exploration & Production at TotalEnergies, stated that this transaction aligns with the company’s strategy to concentrate on low-cost, low-emission projects. He highlighted the importance of strengthening their operated position in the Lapa field, which is part of the pre-salt Santos Basin.
TotalEnergies has a significant presence in Brazil, where it has been operating for 50 years and currently employs about 4,000 people. The company’s portfolio in the country includes 11 licenses, with four being operated by TotalEnergies. In 2024, the average production in Brazil was 153,000 barrels of oil equivalent per day.
The company is also investing in Brazil’s renewable energy sector. In October 2022, TotalEnergies entered a partnership with Casa dos Ventos to develop a 12 GW renewable energy portfolio, which includes onshore wind, photovoltaic, and battery storage.
This strategic move by TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) reflects its broader commitment to sustainability and its aim to balance its portfolio with low-carbon energy sources. The information reported is based on a press release statement from TotalEnergies.
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