Brazil's Brava and PetroReconcavo Sign Long-Term Oil Purchase Agreement

en.Wedoany.com Reported - Brazilian oil and gas company Brava Energia (B3: BRAV3) announced on August 7 that it has signed a new agreement with PetroReconcavo S.A. for the purchase and sale of crude oil produced from the Potiguar Asset, thereby defining and consolidating the commercial and operational terms between the parties for this asset.

The new agreement is a continuation of the partnership between the parties over the past years, now formalized as a long-term partnership for the first time, aimed at enhancing the predictability and stability of the commercialization process. The agreement is effective from October 1, 2026, to December 31, 2030. In accordance with the market notice published on May 7, 2026, the currently effective commercial amendment terms shall continue to apply until the agreement takes effect.

Under the agreement, the parties mutually commit to purchasing and selling at least 50% of the net production from PetroReconcavo's fields within the Potiguar Asset. The agreement also adjusts commercial and operational terms, including optimizing the pricing methodology, retaining price components linked to market indicators for refining activities, and introducing a pricing mechanism better suited to the characteristics of the crude oil from the Potiguar Asset.

The aforementioned arrangements are designed to strengthen incentives for operational efficiency, bring production commercialization closer to market conditions, and broaden the value capture opportunities for both partners. Brava Energia stated that it will disclose relevant information to investors and the market in a timely manner, in accordance with corporate governance practices and applicable regulations.