Petrobras has reported that it has been informed by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) of the approval of the Production Individualization Agreements (AIPs) for the shared Sururu and Berbigão reservoirs, located in the pre-salt layer of Santos Basin. According to the company, the agreements entered into force on May 1.
The AIPs formalize the understanding between Petrobras, the Federal Government and partners Shell, TotalEnergies and Petrogal for the joint development of the areas. The shared reservoirs involve the BM-S-11A concession contract and the transfer-of-rights contract, the latter fully held by Petrobras.
Under the approved terms, the Sururu reservoir will have the following stakes: 45.394% for Petrobras, 23.742% for Shell, 21.367% for TotalEnergies and 9.497% for Petrogal. In Berbigão, Petrobras will hold 62.913%, followed by Shell with 16.125%, TotalEnergies with 14.512% and Petrogal with 6.45%.
Both reservoirs have been producing since 2019 through the FPSO P-68, which has a processing capacity of up to 150,000 barrels of oil per day. The AIPs define each company’s participation and establish the rules governing the joint development and production of oil and natural gas in the shared reservoirs.
The approval follows years of regulatory discussions involving the unification of the reservoirs, after ANP determined the shared development of the areas. The consortium partially challenged aspects of the process, which also led to international arbitration proceedings related to the fields’ development structure.
Production individualization agreements are required when reservoirs extend beyond the boundaries of contracted areas, in accordance with ANP regulations. Financial compensation related to costs incurred and revenues associated with volumes produced prior to the agreements entering into force will still be negotiated among the companies involved.
