- AIP participation for Petrobras changed from 67.216% to 67.457% effective 01/12/2025.
- On 31/03/2026 Petrobras received ≈R$3bn from private partners and paid ≈R$600m to the Union (PPSA).
- Amounts were recognized in Petrobras' 4Q25 financial statements and include expenses and revenues for volumes produced up to the AIP effective date per the AEGV.
- Shared Tupi comprises BM‑S‑11 (Tupi) operated by Petrobras (65%) with Shell (25%) and Petrogal (10%); South Tupi (100% Petrobras); and the Uncontracted Area represented by PPSA.
Redetermination and participation change
Petrobras executed the financial settlements from the first redetermination of the Shared Tupi Field after approval of the Fourth Additive Term to the Production Individualization Agreement (AIP), increasing its participation from 67.216% to 67.457% effective 01/12/2025.
Financial settlements and accounting
On 31/03/2026 Petrobras received approximately R$3 billion from other private companies and paid approximately R$600 million to the Union (represented by Pré‑Sal Petróleo — PPSA); these amounts were recognized in the 4Q25 financial statements and cover expenses and revenues for volumes produced up to the AIP effective date under the Expenses and Volumes Equalization Agreement (AEGV).
Field composition and scope
The Shared Tupi Field comprises the BM‑S‑11 concession (Tupi) operated by Petrobras (65%) with Shell (25%) and Petrogal (10%); the South Tupi block (onerous cession) operated 100% by Petrobras; and the Uncontracted Area owned by the Union, represented by PPSA in the AIP per Law 12.351/2010; the Tupi AIP does not cover the Iracema field, which maintains the BM‑S‑11 consortium participations.
