Brazil’s Ministry of Mines and Energy and Pré-Sal Petróleo S.A. signed on March 10 contracts transferring Union rights in non-contracted portions of shared reservoirs in Mero Field and Atapu Field, located in pre-salt of Santos Basin.
Areas were acquired by a consortium formed by Petrobras and Shell in December 2025 auction of non-contracted areas, held at B3.
Key transaction terms:
- Total consideration: ~R$ 8.8 billion
- Premium over minimum price: R$ 337 million
- Union stake transferred: 3.5% in Mero / 0.95% in Atapu
- Effective transfer date: March 1, 2027
Until transfer becomes effective, oil and gas production from these areas remains property of Brazilian Union and will continue to be marketed by Pré-Sal Petróleo S.A..
Auction marked first implementation of monetization mechanism based on Production Individualization Agreements (AIPs), allowing government to commercialize participation in non-contracted portions of producing reservoirs.
Mero Field and Atapu Field remain among most productive assets in Brazilian pre-salt, reinforcing strategic importance of Santos Basin in long-term offshore supply outlook.