Shell (SHEL) and Petrobras (PBR) have acquired stakes in Brazil's Tupi and Atapu offshore oil fields in an auction held Thursday by state-owned PPSA, multiple media outlets reported Thursday.
A consortium formed by the two firms was the auction's sole bidder and made offers of 7.79 billion reais ($1.47 billion) for the Tupi area and 1 billion reais for stakes in the Atapu area, according to the reports.
The signing of the contracts is expected to take place by March 2026, with the two firms increasing their stakes in the oil fields on March 2027, according to a report by oil news publication Upstream Online.
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