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Petrobras to receive $859M from Shell, TotalEnergies and Petrogal for shared reservoir balancing
PBRPetrobras - Petroleo Brasileiro SA
Petróleo Brasileiro S.A. – Petrobras has signed Cost and Volume Balancing Agreements with partners in the BM-S-11A Consortium—Shell, TotalEnergies, and Petrogal—for the Berbigão and Sururu Shared Reservoirs in the Santos Basin. As a result of these agreements, which reconcile production revenues and expenditures based on proportional interests defined by approved Production Individualization Agreements, Petrobras will receive a net amount of approximately US$ 859 million from its partners. Settlement is expected by November 2026 for the period covering execution through April 30, 2026. The company operates as an integrated energy corporation involved in oil and gas exploration, production, refining, and distribution.