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Petrobras Signed an Agreement of R$ 1.54 Billion with PPSA to Equalize Spending and Volumes of Jubarte’s Pre-Salt, reaffirming Its Leadership and Commitment to Governance in the Brazilian Oil Sector.
Petrobras has taken another important step in consolidating the governance and transparency of its pre-salt assets. The company signed, on the night of this Monday (20), an Agreement for the Equalization of Spending and Volumes (AEGV) with Pré-Sal Petróleo S.A. (PPSA), regarding the Shared Reservoir of Jubarte’s Pre-Salt.
The amount defined in the agreement is R$ 1.54 billion, which will be paid in a single installment by the end of October. This measure represents a technical and legal advance in the equalization of participations among the companies involved in the Jubarte field, one of the most relevant along the Brazilian coast.
Context of the Agreement and Financial Impact on Petrobras
Of the total agreed, R$ 1.47 billion was already provisioned in the financial statements of the second quarter of 2025, according to explanatory note 17.4, which deals with Production Individualization Agreements (AIPs).
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This anticipated amount demonstrates the alignment of the state-owned company with the requirements of transparency and accounting predictability, reinforcing investor and market confidence. Petrobras highlighted that the agreement is part of the ongoing adjustments resulting from the individualization of production of the pre-salt — an essential process to balance revenues and expenses among different partners.
Negotiations Continue Between Petrobras and Partner Companies of the Argonaut Block
While the agreement with PPSA was finalized, Petrobras informed that the negotiation process with the partners of the Argonaut block — Shell Brasil Petróleo Ltda., Enauta Petróleo e Gás Ltda. (Brava), and ONGC Campos Ltda. — is still ongoing.
These negotiations aim to adjust the equalization of volumes and investments related to the Jubarte field, ensuring proportionality among the involved companies. After the conclusion, the outcome of the negotiations will be communicated to the market, in line with the company’s practice of transparently disclosing the progress of its contracts.
Participations Defined by ANP Establish a New Balance in the Shared Reservoir
In July 2025, the National Agency of Petroleum, Natural Gas and Biofuels (ANP) approved the Production Individualization Agreement (AIP) of the Jubarte reservoir, defining the new proportional participations of the companies. The established division was as follows:
- Petrobras: 97.250%
- Shell: 0.430%
- Brava (Enauta): 0.198%
- ONGC: 0.232%
- Union (represented by PPSA): 1.890%
These proportions determine each company’s share in production and associated costs, reflecting a new stage of technical and regulatory governance for the field.
The Importance of Equalization for the Pre-Salt Management Matrix
The signing of the AEGV was necessary after the approval of the AIP, as the new participation configuration requires the reconciliation of accumulated revenues and expenses since the project’s inception.
The period covered by the agreement runs from August 6, 1998, the date the Block BC-60 (Jubarte) Concession Contract was signed, until July 31, 2025, one day before the AIP comes into effect.
This equalization involves items such as investments made, operational costs, royalties, and special participations, all in accordance with the norms of CNPE Resolution No. 8/2016 and ANP Resolution No. 867/2022.
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