Petrobras announced on Apr. 2 that it has completed financial settlements linked to the first redetermination of the Tupi Shared Reservoir, located in the Santos Basin. The announcement follows approval of the Fourth Amendment to the Agreement for Individualization of Production (AIP), which adjusted Petrobras’s participation share from 67.216% to 67.457%, effective from Dec. 1, 2025.
The company said that on Mar. 31, it received approximately R$3 billion from other private companies involved and paid about R$600 million to the federal government, represented by Pré-Sal Petróleo (PPSA). Petrobras noted that these amounts were recognized in its fourth quarter 2025 financial statements.
According to Petrobras, “the financial compensation covers expenses incurred and revenues related to volumes produced up until this amendment took effect, as outlined in the current Agreement for Equalization of Expenses and Volumes (AEGV).”
The Tupi Shared Reservoir includes several areas: BM-S-11 Concession Contract (Tupi field), operated by Petrobras with a 65% stake alongside Shell (25%) and Petrogal (10%); Sul de Tupi Block under an Onerous Assignment Contract where Petrobras holds a full stake; and an Uncontracted Area belonging to the federal government, represented by PPSA under Law No.12,351/2010.
Petrobras clarified that “the AIP for Tupi does not cover the Iracema reservoir, which remains with unchanged consortium shares under BM-S-11.” The completion of this settlement marks another step in adjusting operational agreements among stakeholders in Brazil’s pre-salt oil fields.
