Petrobras–Shell Consortium Buys Two Pre-Salt Lots for R$8.8 Billion as Tupi Draws No Bids

Overview

• Petrobras and Shell paid R$7.791 billion for the Union’s 3.50% in Mero and about R$1.001 billion for 0.95% in Atapu, while the Tupi lot received no bids.
• Petrobras said it will disburse R$6.97 billion in December for its share, with contracts slated for signature by March 4, 2026, and potential earn-outs tied to Brent prices above US$55 and future redeterminations.
• The PPSA-run sale at B3, authorized under Law 15.164/2025, monetizes the Union’s economic rights over non-contracted AIP volumes in producing pre-salt fields.
• Brazil’s audit court TCU cleared the auction with reservations and cautioned about governance shortcomings and reliance on uncertain revenues to close 2025 accounts.
• Petrobras’ stakes rise to 41.40% in Mero and 66.38% in Atapu, and government officials say the roughly R$1.4 billion gap can be covered by unspent budget funds without derailing the zero-deficit target.