6-K - Petróleo Brasileiro S.A. - Petrobras | StockGist

AI Analysis

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Petrobras completed financial settlements related to the first redetermination of the Tupi Shared Reservoir, receiving approximately R$3 billion from Shell and Petrogal and paying R$600 million to the Federal Government, with revised participation shares effective December 1, 2025, and amounts recognized in 4Q25 financial statements.

Key Takeaways

1Petrobras’ participation in the Tupi Shared Reservoir increased from 67.216% to 67.457% effective December 1, 2025, strengthening its operator control and revenue entitlement.

2Petrobras received ~R$3 billion from consortium partners Shell and Petrogal on March 31, 2026, reflecting retroactive settlement of pre-redetermination volumes and expenses.

3Petrobras paid ~R$600 million to the Federal Government (via PPSA) on March 31, 2026, as part of the same redetermination settlement, recognizing the government’s increased share to 0.833%.

4The Tupi Shared Reservoir comprises three components: BM-S-11 Concession (Petrobras 65%, Shell 25%, Petrogal 10%), Tupi South Block (Petrobras 100%), and Non-Contracted Area (PPSA-owned), all governed under the AIP framework.

5The Iracema reservoir is explicitly excluded from the Tupi AIP and retains prior consortium participation shares.

Current Report Details

Event Type

Securities Issuance

Disclosure

Voluntary

Variant

6-K

Items Reported

6-K

Current Report on Form 6-K

Securities Issuance

$3.00B$600.0M

Transaction Details

Material Agreement

Agreement: Production Individualization Agreement (AIP) for the Tupi Shared Reservoir
Parties: Petróleo Brasileiro S.A. – Petrobras, Shell Brasil Petróleo Ltda., Petrogal Brasil S.A., Pré-Sal Petróleo S.A. (PPSA)

•Fourth Addendum approved, effective December 1, 2025
•Petrobras participation adjusted from 67.216% to 67.457%
•Shell participation adjusted from 23.024% to 22.650%
•Petrogal participation adjusted from 9.209% to 9.060%
•Federal Government (PPSA) participation adjusted from 0.551% to 0.833%
•Settlement covers expenses incurred and revenues from volumes produced up to December 1, 2025, per Expenses and Volumes Equalization Agreement (AEGV)

Exhibits (1)

6-K