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Ineep Report Shows That the Production Sharing Regime Already Accounts for Almost 40% of Pre-Salt, Boosting Oil and Gas Production, Increasing Exports, and Expanding the Participation of Multinationals Alongside Petrobras.
The production sharing regime has become a key element for the expansion of the oil and gas sector in Brazil. According to Exploration and Production Bulletin No. 7, published by the Institute for Strategic Studies of Oil, Natural Gas, and Biofuels (Ineep) in August, this modality already accounts for 38.7% of pre-salt production and 30.3% of national production in 2024.
This advancement is primarily due to the high yield of pre-salt fields and the start of production from the surplus volumes of onerous assignment between 2021 and 2022. In practice, the model has ensured greater energy security and strengthened public revenues, in addition to consolidating Brazil among the largest global producers.
Production on the Rise and Direct Impact on Public Revenue
Between 2017 and 2024, production under the sharing regime grew at an average annual rate of 115%, reaching 1.3 million barrels of oil equivalent per day (boe/d) in 2024. In just the first half of 2025, the volume reached 1.6 million boe/d, a milestone that reinforces the importance of the model.
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This growth has a direct reflection on public coffers. In 2024, the commercialization of oil and gas by the Union guaranteed about R$ 10.29 billion to the Social Fund, funds allocated to education, health, science and technology, as well as poverty alleviation programs and climate actions.
Strategic Fields and Petrobras’s Presence
The Búzios and Mero fields led production in 2024, with averages of 597.8 thousand and 419.6 thousand boe/d, respectively. Petrobras maintained a prominent position, accounting for 64% of production under the sharing regime.
However, the Ineep report highlights the growing participation of multinationals. TotalEnergies (10.4%) and Shell (8.3%) follow closely behind, along with 14 other foreign oil companies. This shows that the sharing regime has established itself as an attractive model for both Brazilian companies and international players.
Pre-Salt Reaches Records and Reinforces Brazil’s Leadership
In the second quarter of 2025, national oil and gas production reached 4.78 million boe/d. Of this volume, 79.4% originated from pre-salt. The month of June recorded a historic high: 3.86 million boe/d from this geological layer alone.
The Santos and Campos basins remain the most relevant in national production. Meanwhile, the Recôncavo and Potiguar basins still ensure significant participation, reinforcing the geographical diversity of exploration.
Exports Increase and China Leads as Destination
Brazil has also expanded its presence in the international market. In the second quarter of 2025, an average of 2.1 million barrels of oil per day was exported, representing 56.6% of national production.
China remains the main destination, absorbing 46% of the total exported. The United States and Spain follow, consolidating Brazil’s strategic position in the global energy supply.
Change in Sharing Regime Rules and Its Effects
Transformations began in 2016, when the government removed the requirement for Petrobras to be the sole operator of the pre-salt, with a minimum participation of 30% in all blocks. The state-owned company now only has the right of preference, allowing it to choose which consortia it would like to join.
This change reduced the financial pressure on the company, which no longer needed to undertake large investments alone. However, it opened space for greater influence from multinationals and diminished the direct control of the State over the country’s most strategic reserves.
Critics point out that the decision reduced Brazil’s prominence in managing the pre-salt. On the other hand, experts argue that the measure increased competitiveness, attracting foreign investments and diversifying participation in the sector.
The Role of Ineep in Monitoring Changes
Ineep has highlighted in its reports that the sharing regime is in full expansion but still requires attention regarding the balance between national and international interests. The central issue involves the need to ensure that the gains from pre-salt translate into social benefits and the strengthening of the Brazilian oil and gas industry.
According to the institute, maintaining Petrobras’s prominence, combined with regulated participation from multinationals, can ensure both financial sustainability and the preservation of public interest.
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