BP and Shell have agreed to partner on two deepwater exploration opportunities, with Shell acquiring a 50% interest in Brazil’s Tupinambá block and a 30% interest in five U.S. Gulf leases containing the Conifer prospect. BP will retain 50% of Tupinambá and 70% of Conifer and remain operator of both projects. Financial terms were not disclosed. BP expects the first Tupinambá exploration well to spud soon, while Conifer drilling is planned for 2027; the Brazilian transaction remains subject to regulatory approvals. The agreement gives Shell exposure to the pre-salt Santos Basin and the Gulf of Mexico’s deepwater Paleogene play while allowing BP to share exploration costs and risk.