Petrobras Set to Receive $859M from Santos Basin Oil and Gas Partners
October 14, 2026
Petrobras has signed cost and volume balancing agreements with Shell, TotalEnergies and Petrogal covering the Berbigão and Sururu shared reservoirs in Brazil's offshore Santos Basin, under which it will receive a net payment of approximately $859 million.
The agreements follow the implementation of production individualization agreements (AIPs) for the two reservoirs, which established revised ownership interests among the partners following approval by Brazil's National Agency of Petroleum, Natural Gas and Biofuels (ANP).
Petrobras said the payment from its partners in the BM-S-11A consortium is expected to be settled by November 2026.
Under the approved production individualization arrangements, Petrobras holds a 45.394% interest in the Sururu shared reservoir, alongside Shell with 23.742%, TotalEnergies with 21.367% and Petrogal with 9.497%.
In the Berbigão shared reservoir, Petrobras holds a 62.913% interest, while Shell has 16.125%, TotalEnergies 14.512% and Petrogal 6.450%.
The shared reservoirs span the BM-S-11A concession and the Transfer of Rights agreement, both operated by Petrobras.
Under the original BM-S-11A concession, Petrobras holds a 42.5% interest, alongside Shell with 25%, TotalEnergies with 22.5% and Petrogal with 10%. Petrobras separately holds a 100% interest in the Transfer of Rights agreement.
The revised ownership structure forms the basis for reconciling production revenues, investment expenditures, operating expenditures and oil royalties according to each company's proportional interest in the shared reservoirs.
The cost and volume balancing agreements cover the period from September 15, 2000, when the BM-S-11 concession agreement was executed, through April 30, 2026, the day before the Berbigão and Sururu production individualization agreements took effect.
