Petrobras has announced it received notification from the National Agency of Petroleum, Natural Gas and Biofuels (ANP) regarding the approval of an amendment to the Production Individualization Agreement (AIP) for the Tupi Shared Reservoir in the Santos Basin. The new terms take effect immediately.
The Tupi Shared Reservoir includes several areas: the BM-S-11 Concession Contract (Tupi field), operated by Petrobras with a 65% stake alongside Shell (25%) and Petrogal (10%); the South Tupi Block under the Transfer of Rights Contract (Sul de Tupi field), which is fully operated and owned by Petrobras; and an uncontracted area belonging to the federal government, represented by Pré-Sal Petróleo – PPSA under Law 12.351/2010.
Following this amendment, which results from the completion of the first redetermination process for the shared reservoir, Petrobras’ share in Tupi increases to 67.457%.
Due to these changes in participation shares, companies involved are required to make financial adjustments between incurred costs and revenues related to production volumes up until this amendment’s effective date, according to existing Agreements on Equalization of Expenses and Volumes (AEGV). The parties are currently determining these values. The amount due to Petrobras will be recognized in its fourth quarter 2025 financial statements, with cash inflow expected in the first quarter of 2026.
The company clarified that this agreement does not cover the Iracema reservoir, which remains under existing BM-S-11 consortium shares.
