BOGOTÁ, COLOMBIA (By Ana Sanches, Energy Analytics Institute, 27.Apr.2026, Words: 486) — PETROBRAS entered into an agreement to acquire 100% of a portion of the ring-fence of the Argonauta field (BC-10 concession) in the Campos basin, currently held by Shell (Shell Brasil Petróleo Ltda.), ONGC (ONGC Campos Ltda.), and Brava (Enauta Petróleo e Gás Ltda.).
The acquired portion corresponds to the area of Argonauta that holds 0.86% of the shared pre-salt Jubarte reservoir, related to the unitization agreement (Acordo de Individualização da Produção – “AIP”) in effect since 1 Aug. 2025, as disclosed to the market on 23 Jul. 2025.
Total consideration for the transaction will be the sum of R$700mn and $150mn, with payment expected to be made in 3 installments, as follows:
(1) an amount of R$100mn, upon closing of the transaction;
(2) an amount of R$600mn, on 15 Jan. 2027 or at closing, whichever occurs later; and
(2) an amount of $150mn, 2 years after closing.
The amounts are subject to price adjustments as defined in the agreement, the Rio de Janeiro-based energy giant announced on 27 Apr. 2026 in an official statement.
Upon completion of the transaction, PETROBRAS will hold a 98.11% interest in the Jubarte shared reservoir, while the Brazilian federal government, represented by Pré-Sal Petróleo S.A. (PPSA), will maintain its 1.89% interest related to the extension of the reservoir into non-contracted areas.
In addition, upon closing of the transaction, the negotiation process for equalization among PETROBRAS, Shell, ONGC, and Brava — whose progress was disclosed in a release dated 20 Oct. 2025 — will be concluded, as will any ongoing or potential negotiations related to unitization of production and/or equalization of any shared reservoirs between Jubarte and the portion of the ring-fence subject to this transaction.
“The acquisition offers attractive economic and financial terms, simplifies asset management, and is aligned with Petrobras’ business plan, strengthening our operations in the Campos Basin and maximizing value with a focus on profitable assets,” Petrobras said.
Closing of the transaction is subject to the satisfaction of conditions precedent set forth in the purchase and sale agreement, including approval by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (Agência Nacional do Petróleo, Gás Natural e Biocombustíveis – ANP) and the Administrative Council for Economic Defense (Conselho Administrativo de Defesa Econômica – CADE).
About Parque das Baleias
The Jubarte shared reservoir is operated by PETROBRAS in an integrated manner with the production infrastructure of the area known as Parque das Baleias.
Parque das Baleias is a group of fields located in the northern portion of the Campos basin, in water depths between approximately 1,220m and 1,400m, with Jubarte as its main field.
The assets are operated by PETROBRAS through the P-57 and P-58 platforms, the FPSO Cidade de Anchieta, and the FPSO Maria Quitéria, with current production of approximately 210,000 barrels of oil per day.
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By Ana Sanches reporting from Bogotá. © 1999-2026 Energy Analytics Institute (EAI). All Rights Reserved.
