Petrobras Signs Equalization Deals for Santos Basin Fields, to Net About $859 Million
Petrobras said on October 13 that it has signed expenditure and volume equalization agreements (AEGVs) with Shell, TotalEnergies and Petrogal covering the shared Berbigão and Sururu reservoirs in the BM-S-11A contract area of the Santos Basin. The company said the deals will result in a net receipt of about US$859 million, to be settled by November 2026.
The agreements follow the entry into force of the production individualization agreements (AIPs) for the two shared fields, approved by Brazil's National Agency of Petroleum, Natural Gas and Biofuels (ANP). The equalization agreements adjust the division of revenues, investments, operating costs and royalties among the consortium members in line with the stakes finally defined after unitization.
Under the unitization, Petrobras's stake in the Sururu field was set at 45.394% and in Berbigão at 62.913%. In the BM-S-11A consortium, Petrobras is operator of the concession area with a 42.5% stake and holds 100% of the transfer-of-rights (cessão onerosa) area; the other partners are Shell with 25%, TotalEnergies with 22.5% and Petrogal with 10%.
The Santos Basin pre-salt is the core of Brazil's oil production growth and Petrobras is the region's largest operator; the adjustment recalculates the company's sharing of production and costs across the consortium.
Source: GSM · USA (original Chinese edition)
Photo: 巴西海上石油平台（资料图）。图片来源：Wikimedia Commons，Arquivo ABr 摄，CC BY 3.0 br 授权
