Effective immediately, the National Petroleum Agency(ANP) approved the redetermination of limits and interests in the Tupi Shared Field, one of the key areas in the Santos Basin. This change raises Petrobras ‘ participation from 65% to 67.46% in the field operated under contract BM-S-11.
Participation in the Tupi Shared Field after new addendum
The Tupi Shared Fieldcomprises three areas: the BM-S-11 block, where Petrobras holds the operation together with Shell (25%) and Petrogal (10%), the Tupi South field with exclusive Petrobras participation, and a non-contracted area under state management through PPSA. The new addendum redefines the proportion of each party’s participation of each party based on the actual volumes produced and reserves identified.
As a result of this update, the companies involved agreed to execute a financial compensation that contemplates the expenses incurred and the revenues obtained prior to the entry into force of the modification. This mechanism is based on the Expense and Volume Equalization Agreements(AEGV), in force in the Brazilian pre-salt contracts.
The amount Petrobras will receive for this adjustment is being calculated by the parties and will be recognized in its fourth quarter 2025 financial statements, with an expected cash inflow in the first quarter of 2026.
The approved redetermination process does not include the Iracema field, which maintains the current participation and management structure within the BM-S-11 consortium. This decision keeps separate the rules for exploitation and resource sharing in that portion of the block.
The increased participation improves Petrobras’ positioning in one of the most productive areas of the pre-salt, providing contractual stability and greater predictability in its production projections. This decision supports the strategy of consolidating assets in the Santos Basin and optimizing the operating profitability of the company’s offshore portfolio.
Source and photo: Petrobras