Petrobras has confirmed that Brazil’s oil regulator approved production individualization agreements for the Sururu and Berbigão shared reservoirs in the Santos Basin, with the agreements taking effect on May 1.
Petrobras was notified by the National Agency of Petroleum, Natural Gas and Biofuels (ANP) on April 30 regarding the approval of the agreements, which define the interests of each party and the rules governing joint development and production operations.
The reservoirs are part of the BM-S-11A concession, operated by Petrobras with a 42.5% stake, alongside Shell with 25%, TotalEnergies with 22.5% and Petrogal with 10%, as well as an adjacent Transfer of Rights contract fully held by Petrobras with a 100% interest.
Both fields have been producing since 2019 through the FPSO P-68, which has a capacity of 150,000 barrels of oil per day, Petrobras said.
The agreements apply to reservoirs that extend beyond concession boundaries and require coordinated development under ANP regulations.
Petrobras said financial settlement of costs and revenues related to production prior to the agreements taking effect will be subject to negotiation between the companies.