IN BRIEF: Shell takes 50% stake in Brazil exploration block in BP deal

BP PLC - London-headquartered oil and gas company and Shell PLC - London-based oil major - Agree to terms for Shell to acquire a 50% stake Tupinamba exploration block in the Santos Basin, offshore Brazil. The agreement also covers a 30% stake in five leases containing the Conifer exploration prospect. "The transactions support BP's disciplined approach to capital allocation in service of becoming a simpler, stronger, more valuable company," says the company. The deal remains subject to regulatory approval.

Executive Vice President of Production and Operations Gordon Birrell says: "Brazil and the Gulf of America are important regions for BP, and bringing together two experienced operators can help unlock the potential of both opportunities. This collaboration will help strengthen our position in both as we progress exploration activity." Wednesday's agreement comes as US Energy Secretary Chris Wright oversees the signing of deals worth "tens of billions of dollars" between Venezuela and oil majors Chevron Corp and Eni Spa as well as with energy company GE Vernova Inc.

Current BP stock price: 542.50 pence, closed up 0.2% in London on Wednesday

12-month change: up 25%

Current stock price: 3,443.00 pence, closed up 0.3% in London on Wednesday

12-month change: up 26%

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