Shell Offshore, a subsidiary of British oil and gas major Shell, said on Wednesday it would acquire a 30 per cent stake in the BP-operated Conifer exploration prospect in the Gulf of Mexico.
Shell and BP are prioritising long-term growth in their oil and gas portfolios after years of investing heavily in renewables and other "lower-carbon" energy businesses.
BP said in a separate statement that Shell would also acquire a 50 per cent stake in the Tupinamba exploration block in Brazil's Santos Basin. BP will retain the remaining 50 per cent interest in Tupinamba and 70 per cent in Conifer and continue as operator in both.
The Gulf of Mexico, which US President Donald Trump has called on US institutions to refer to as the Gulf of America under an executive order, is home to about 15 per cent of US crude oil production.
BP said earlier this year that its Brazilian Bumerangue discovery, described last year as its biggest in 25 years, holds eight billion barrels of liquids, making Brazil a cornerstone of its upstream portfolio.
(Reporting by Anna Peverieri in Barcelona; Editing by Sanjeev Miglani)