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TotalEnergies Expands Stake in Brazil’s Lapa Offshore Field

Story Highlights
  • TotalEnergies increases its stake in Lapa field to 48% by acquiring 3% from Shell.
  • The transaction aligns with TotalEnergies’ strategy for low-cost, low-emission projects.
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TotalEnergies Expands Stake in Brazil’s Lapa Offshore Field

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The latest announcement is out from TotalEnergies SE ( (FR:TTE) ).

TotalEnergies has signed an agreement with Shell Brasil to increase its stake in the Lapa offshore oil field by acquiring an additional 3% interest, raising its total stake to 48%. This move aligns with TotalEnergies’ strategy to focus on low-cost, low-emission projects and strengthens its position in the pre-salt Santos Basin. The transaction, which involves exchanging its 20% stake in the Gato do Mato project, is expected to enhance production capabilities and further solidify TotalEnergies’ operational foothold in Brazil’s energy sector.

More about TotalEnergies SE

TotalEnergies is a global integrated energy company involved in the production and marketing of various energy forms, including oil, biofuels, natural gas, biogas, low-carbon hydrogen, renewables, and electricity. With a workforce of over 100,000 employees, the company operates in approximately 120 countries, focusing on sustainable energy solutions. In Brazil, TotalEnergies has a 50-year history, engaging in exploration and production, gas, renewable electricity, and more, employing nearly 4,000 people.

Learn more about TTE stock on TipRanks’ Stock Analysis page.

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