Petrobras to Receive $859 Million in Santos Basin Settlement

Petrobras signed cost- and volume-balancing agreements with Shell, TotalEnergies and Petrogal for the Berbigão and Sururu shared reservoirs in the Santos Basin. The agreements provide for Petrobras to receive a net payment of approximately $859 million. The settlement is expected to be completed by November 2026.

The agreements follow the implementation of Production Individualization Agreements (AIPs), approved by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP). The AIPs redefined each partner’s ownership interest in the shared reservoirs, prompting a reconciliation of historical costs and production revenues.