State-owned Petrobras posted its highest average quarterly
production during Q1 at of 3.23mn barrels of oil equivalent per day
(boepd), up by 16.1% year on year, on the back of the ramp-up of
new floating production vessels across its pre-salt heartland, the
Brazilian state-owned oil company said in a statement.
The figure represents a 3.7% increase from the fourth quarter of
2025.
The result was driven primarily by the ramp-up of the FPSO
vessels P-78 at the Búzios field, Alexandre de Gusmão at Mero, and
Anna Nery and Anita Garibaldi at the Marlim and Voador fields.
Ten new producing wells came online during the quarter, seven in
the Campos Basin and three in the Santos Basin.
The Búzios field — Brazil's largest by reserves — set a
single-day oil production record of 1.037mn barrels on March 20,
while also hitting a gas export record of 12.4mn cubic metres on
March 25.
The broader Santos Basin set its own record for daily gas
exports at 44.8mn cubic metres on March 28.
The Mero field, meanwhile, surpassed 700,000 barrels of oil in a
single day following the connection of a new well to the Alexandre
de Gusmão FPSO. The field is operated by Petrobras.
Brazil’s Petrobras secures production individualisation
agreements for Sururu and Berbigão fields
Petrobras has also been notified by oil regulator ANP of the
approval of production individualisation agreements (AIP) for the
Sururu and Berbigão shared reservoirs in the offshore Santos basin,
effective from May 1, the Brazilian state-owned oil company said in
a statement.
Both fields have been producing since 2019 via the FPSO P-68,
which has a processing capacity of 150,000 barrels per day
(bpd).
The agreements cover two overlapping contracts: the BM-S-11A
concession, operated by Petrobras with a 42.5% stake alongside
partners Shell (25%), TotalEnergies (22.5%), and Petrogal (10%);
and a separate transfer-of-rights contract in which Petrobras holds
a 100% interest.
Under the individualised structure, Petrobras's combined share
in the Sururu AIP amounts to 45.394%, with Shell holding 23.742%,
TotalEnergies 21.367%, and Petrogal 9.497%.
In the Berbigão AIP, Petrobras holds 62.913%, Shell 16.125%,
TotalEnergies 14.512%, and Petrogal 6.450%.
AIPs are required under ANP regulations when reservoirs extend
beyond the boundaries of a single concession or contract area.
Financial compensation between the parties, relating to costs
and revenues accrued prior to the agreements taking effect, will be
subject to separate negotiation.
Meanwhile, Petrobras has agreed to acquire a portion of the
Argonauta field ring-fence in the Campos Basin from Shell, ONGC,
and Brava, consolidating its grip on the Jubarte shared reservoir
and bringing its stake in the asset to 98.11%, said the
company.
The acquired interest corresponds to the section of the
Argonauta field, under the BC-10 concession, that holds a 0.86%
share of the pre-salt Jubarte reservoir, linked to a unitisation
agreement in force since August 2025.
Total consideration comprises BRL700mn ($142mn) and $150mn,
payable in three installments: BRL100mn at closing, BRL600mn on
January 15, 2027 or at closing — whichever is later — and $150mn
two years after closing, with all amounts subject to price
adjustment provisions.
Upon completion, the federal government's vehicle Pré-Sal
Petróleo SA (PPSA) will retain a 1.89% interest in the reservoir
corresponding to the extension of the field into non-contracted
areas, while Petrobras will hold the remainder.
Jubarte is the main asset within Parque das Baleias, a cluster
of fields in the northern Campos Basin operating at water depths of
between approximately 1,220 and 1,400 metres.
The complex currently produces around 210,000 bpd via the P-57
and P-58 platforms and two FPSOs.
Petrobras said the deal offered attractive financial terms,
simplified asset management, and was consistent with its strategic
focus on profitable upstream positions.
The transaction remains subject to regulatory clearance from oil
regulator ANP and competition authority CADE.
In a separate development, Petrobras has asked environmental
regulator Ibama for authorisation to deploy the Constellation-owned
drillship Amaralina Star in exploratory activities at block
FZA-M-59 in the Foz do Amazonas
basin, Petronoticias reported.
Petrobras contracted the Amaralina Star in December 2024 in a
deal worth approximately $528mn. The three-year contract came into
force in March and includes an extension option of up to 315 days
subject to mutual agreement.
The sixth-generation vessel is capable of operating in water
depths of up to almost 3,050 metres feet and drilling to depths of
up to 12,200 metres.
Petrobras is currently drilling the Morpho pioneer well in the
same block using the Foresea-owned ODN-II drillship. The addition
of the Amaralina Star would allow the company to optimise resource
allocation across its equatorial margin exploration campaign.
The Foz do Amazonas basin has drawn significant attention as a
potential new frontier for Brazilian oil production, though
exploration efforts have faced scrutiny from environmental
regulators over the ecological sensitivity of the region.
© 2026 bne IntelliNews, source Magazine
