PBR · Petróleo Brasileiro S.A. - Petrobras

The approval of the Production Individualization Agreements (AIP) by Brazil's National Agency of Petroleum, Natural Gas and Biofuels (ANP) marks a significant regulatory milestone for the Sururu and Berbigão fields in the Santos Basin. These agreements resolve the unitization process required because the reservoirs extend beyond the original concession boundaries, combining interests from the BM-S-11A Concession Contract and the Transfer of Rights Contract. Effective May 1, 2026, the new ownership structure increases Petrobras's effective operating stake, particularly in Berbigão where it holds a 62.913% interest, compared to 45.394% in Sururu. The fields, which have been producing since 2019 via the FPSO P-68 with a capacity of 150,000 barrels of oil per day, now have a formalized framework for joint operations among the partners: Shell, TotalEnergies, and Petrogal. While the operational impact is immediate regarding governance, the financial implications regarding past production revenues and expenses remain subject to negotiation between the parties.