Brazil's Petrobras Reaches US$859 Million Oil and Gas Settlement Agreement with Three Oil Companies

en.Wedoany.com Reported - On October 13, Brazil's Petrobras announced that it had signed cost and production balancing settlement agreements with Shell, TotalEnergies, and Petrogal for the two shared oil and gas reservoirs, Berbigão and Sururu, in the Santos Basin. Under the agreements, Petrobras will receive approximately US$859 million in net settlement payments from its partners in the BM-S-11A consortium, with payment expected to be completed by November 2026. The agreements cover adjustments to production revenue, capital investment, operating expenses, and oil royalties for the two reservoirs.

The agreements signed this time cover Berbigão, Sururu, and related shared assets. The two reservoirs straddle the BM-S-11A concession contract area and the Transfer of Rights contract area, both operated by Petrobras. In the original BM-S-11A consortium, Petrobras held a 42.5% interest, Shell held 25%, TotalEnergies held 22.5%, and Petrogal held 10%; the Transfer of Rights contract area is 100% held by Petrobras.

After Brazil's National Agency of Petroleum, Natural Gas and Biofuels (ANP) approved the production individualization agreements for the two reservoirs, the interests in the Sururu shared reservoir were adjusted to Petrobras holding 45.394%, Shell holding 23.742%, TotalEnergies holding 21.367%, and Petrogal holding 9.497%.

The interests in the Berbigão shared reservoir were adjusted to Petrobras holding 62.913%, Shell holding 16.125%, TotalEnergies holding 14.512%, and Petrogal holding 6.450%.

Based on the adjusted interest proportions, the parties settled production revenue, capital investment, operating expenses, and oil royalties for the period from September 15, 2000 to April 30, 2026. The production individualization agreements for Berbigão and Sururu took effect on May 1, 2026, and Petrobras had disclosed relevant progress on May 4. The newly signed cost and production balancing agreements determine the net settlement amounts and payment arrangements among the partners.