KUFPEC acquires 20% stake from Shell in Brazilian offshore project

RIO DE JANEIRO, February 4, 2026 – Kuwait Foreign Petroleum Exploration Company (KUFPEC) has agreed to acquire from Shell a 20% stake in the Orca and Sul de Orca deepwater oil development offshore Brazil, the companies announced on Tuesday.

The Orca development, previously known as Gato do Mato, is located in Brazil’s pre-salt Santos Basin and is estimated to contain 370 million barrels in recoverable resources. Project development plans include the deployment of an FPSO with a production capacity of up to 120,000 bopd. First oil is expected in 2029.

“The transaction is a significant milestone for KUFPEC as we enter Brazil’s pre-salt Santos Basin, one of the world’s most attractive offshore oil provinces. It aligns with our strategy to build a balanced, high-quality international portfolio through disciplined investments in world-class assets,” said KUFPEC CEO Eisa Al Maraghi.

Upon completion of the transaction, Shell will retain a 50% interest and continue as the operator, with Ecopetrol holding 30% and KUFPEC 20%. Shell will remain the largest foreign producer in Brazil following the deal, whose effective date is January 1, 2026.

KUFPEC is a Kuwaiti upstream company focused on exploration, development and production of crude oil and natural gas outside Kuwait. It is wholly owned by Kuwait Petroleum Corporation and holds assets in Southeast Asia, Australia, the Middle East and Africa.

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