Shell acquires stake in BP's Conifer prospect located in the Gulf of Mexico

Shell Offshore, a'subsidiary of British Oil and Gas?major Shell announced?on...Wednesday that it will?acquire a 30 percent stake in BP's Conifer prospect in the Gulf of Mexico.

Shell and BP have shifted their focus to long-term growth of their oil and gas businesses after investing heavily in renewables, and other low-carbon energy businesses.

Shell also acquired a 50% stake, according to a separate BP statement. The block is located in Brazil's Santos Basin. BP will continue to operate both Conifer and Tupinamba, and retain the remaining 50% of Tupinamba.

The Gulf of Mexico is referred to as the Gulf of America by U.S. The Gulf of Mexico, which?U.S.

BP announced earlier this year that its Brazilian Bumerangue, described as the 'biggest discovery in 25 years' last year, holds 8 billion barrels of liquids. Brazil is now a cornerstone for its upstream portfolio.

(source: Reuters)