On Tuesday, October 13, 2026, Petrobras (PETR4) announced that it had signed, with Shell, TotalEnergies and Petrogal, partners in the BM-S-11A Consortium, the Expenditure and Volume Equalization Agreements (AEGVs) for the shared Berbigão and Sururu reservoirs in the Santos Basin. As a result of these agreements, the company will receive from its partner companies a net amount of approximately US$ 859 million, to be settled by November 2026.
The shared Sururu and Berbigão reservoirs involve the BM-S-11A Concession Contract, operated by Petrobras with a 42.5% stake, in partnership with Shell (25%), TotalEnergies (22.5%) and Petrogal (10%), as well as the Transfer of Rights Contract, in which Petrobras holds a 100% stake.
The approval of the Berbigão and Sururu Production Individualization Agreements (AIPs) by the National Agency of Petroleum, Natural Gas and Biofuels (ANP) defined the proportional interests in the shared reservoirs. In the Sururu AIP, Petrobras holds 45.394%, Shell 23.742%, TotalEnergies 21.367% and Petrogal 9.497%. In the Berbigão AIP, Petrobras holds 62.913%, Shell 16.125%, TotalEnergies 14.512% and Petrogal 6.450%.
According to the statement, the new configuration reconciles production revenues, investment expenditures, operating expenses and oil royalties in proportion to the parties’ interests in the reservoirs. The period considered runs from the signing of the BM-S-11 Concession Contract, on September 15, 2000, to April 30, 2026, the date prior to the entry into effect of the Berbigão and Sururu AIPs.
