Petrobras and Shell Brasil Petróleo Ltda. (Shell Brasil), a subsidiary of Shell plc, have together secured additional equity in Brazil’s pre-salt oil projects following an auction led by Pré-Sal Petróleo.
Petrobras increased its stake in the shared Mero field from 38.6% to 41.4%, and increased its stake in the shared Atapu field from 65.687% to 66.38%. Shell Brasil increased its participating interest from 16.663% to 16.917% in Atapu and from 19.3% to 20% in Mero.
Both projects are located in the offshore Santos Basin. In the Mero field, the four FPSOs and an Early Production System (EPS) have a combined gross installed production capacity of 770,000 barrels of oil per day. the P-70 Floating, Production, Storage and Offloading unit (FPSO), which has the capacity to produce 150,000 barrels of oil per day. To support future growth, a second FPSO (P-84), with a production capacity of 225,000 barrels of oil per day, is currently under construction.
This auction was supported by Law No. 15,164, of July 14, 2025, which amended Law No. 12,351, of December 22, 2010, authorising the Union to sell its rights and obligations arising from production individualisation agreements in non-granted or non-shared areas in the pre-salt area.
Petrobras' participation in the PPSA Uncontracted Areas Auction is aligned with the company's long-term strategy, reaffirmed in the 2026-30 Business Plan, which foresees the replenishment of its oil and gas reserves with economic and environmental resilience.
In Shell’s case, the investment strengthens Shell’s position in areas where it has existing assets and supports the company’s aim to sustain material liquids production of 1.4 million barrels per day through 2030.
“Today’s winning bid reinforces our disciplined approach to grow Shell’s high margin portfolio in Brazil,” said Peter Costello, Shell’s Upstream President. “Our assets in Brazil are among the most competitive in our global portfolio, combining strong performance with a low carbon footprint.”
