RIO DE JANEIRO, BRAZIL (By Brava, 2.Sep.2025, Words: 415) — Brava Energia S.A. achieved an average daily production of 92.4 thousand boe in Aug. 2025, a 1.6% increase over the previous month, renewing its all-time production record for the second consecutive month.
Atlanta was the highlight as it reached its highest production level since its conception.
Papa-Terra – Production flow was reduced to execute a planned intervention during the first half of August. The company carried out adjustments to the offloading operation in this period, reducing temporarily the monthly average production. After the intervention was completed, production returned to levels observed in July.
Brava operates the Potiguar, Recôncavo, Papa-Terra, Atlanta, and Peroá Clusters, and holds a non-operated stake of 35% in Pescada, a 45% stake in the Manati Field, both operated by Petrobras, and a 23% stake in Parque das Conchas, operated by Shell.
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FOOTNOTES:
(1) On 16 Apr. 2024, 3R Offshore, based on the joint operating agreement, exercised the right to compulsory assignment (“forfeiture”) of Nova Tecnica Energy Ltda.’s (NTE) undivided 37.5% stake in the consortium due to NTE’s financial default. Following the forfeiture, NTE initiated arbitration proceedings on 3 May 2024. In parallel with the arbitration, on 19 Jul. 2024, NTE obtained a preliminary injunction from the Rio de Janeiro Court of Justice suspending the National Agency of Petroleum, Natural Gas and Biofuels‘ approval process for the transfer of its stake initiated by 3R Offshore until a decision by the Arbitration Tribunal, established in March 2025.
On 18 Jul. 2025, the Arbitration Tribunal issued a provisional decision ordering NTE to pay the consortium’s expenses in proportion to its original stake, pending a final decision in the Arbitration. As determined by the Arbitration Tribunal, if NTE fails to pay these expenses, the contractually stipulated penalties will apply. If the outstanding amounts are paid in full, NTE’s rights in the consortium will be reinstated until a final decision by the arbitration tribunal on the disputed issues, including the validity of the forfeiture exercised by 3R Offshore.
(2) In Aug. 2025, ~27% of the gas produced in Recôncavo was reinjected.
(3) The (“ANP”) approved the Production Individualization Agreement (“AIP”) for the Jubarte pre-salt shared field, effective 1 Aug. Under the AIP, the Parque das Conchas consortium (BC-10) holds a 0.86% stake in the field, while Brava holds a 23% stake in the BC-10 concession. Production from the company’s stake in Jubarte will be incorporated into BC-10 production once the contracts between the parties involved are structured.
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