Shell plans to acquire stakes in two of BP's offshore exploration projects in a deal that would bring together two rivals.

Under the agreement, Shell would acquire a 50% stake in an offshore exploration block in Brazil and a 30% stake in five leases containing an exploration prospect in the deepwater in the Gulf of Mexico, BP said Wednesday. BP would retain the remaining interests in both projects, and continue as operator in both.

"Bringing together two experienced operators can help unlock the potential of both opportunities," said Gordon Birrell, EVP Upstream at BP. "This collaboration will help strengthen our position in both as we progress exploration activity."

BP also said the transactions support its efforts to become a simpler and stronger company.

The completion of the Brazil offshore deal remains subject to regulatory approvals.