October 13, 2026 – Petróleo Brasileiro S.A – Petrobras, further to the press release issued on May 4, 2026, informs that it has signed with Shell, TotalEnergies and Petrogal, partners in the BM‑S‑11A Consortium, the Cost and Volume Balancing Agreements (Acordos de Equalização de Gastos e Volumes – AEGVs) for Berbigão, Sururu and the Shared Assets, arising from the effectiveness of the Production Individualization Agreements (Acordos de Individualização da Produção – AIPs) of the Shared Reservoir of the BVE‑ITP/RJS‑656 Zone of Berbigão (Sururu) and the Shared Reservoir of the BVE‑ITP/RJS‑697 Zone of Berbigão (Berbigão), located in the Santos Basin.
As a result of the signing of the AEGVs, Petrobras will receive a net amount of approximately US$ 859 million from the partner companies of the BM‑S‑11A Consortium. The amount will be settled by November 2026.
The Sururu and Berbigão Shared Reservoirs comprise:
1. The BM‑S‑11A Concession Agreement, operated by Petrobras (42.5%), in partnership with Shell (25%), TotalEnergies (22.5%) and Petrogal (10%); and
2. The Transfer of Rights Agreement (Cessão Onerosa), operated by Petrobras, which holds a 100% interest.
The approval of the Berbigão and Sururu AIPs by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) resulted in the definition of each company’s proportional interests in the shared reservoirs, as follows:
This new configuration reconciles production revenues, investment expenditures, operating expenditures and oil royalties, in proportion to the parties’ interests in the shared reservoirs. The period considered comprises from the execution of the BM‑S‑11 Concession Agreement on September 15, 2000, through April 30, 2026, the day prior to the effective date of the Berbigão and Sururu AIPs.
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