By Brazil Stock Guide – Petrobras (PETR4 BZ) received about 3 billion reais ($600 million) from its partners in the Tupi field, located in Brazil’s Santos Basin pre-salt, following a financial redetermination of the asset. The process also required the company to pay 600 million reais to the Brazilian government, according to a filing released Thursday (2).
The amounts have already been recorded in the company’s fourth-quarter financial statements, reflecting updated production and reserve estimates used to recalculate ownership stakes among consortium members.
The revision stems from the approval of the fourth amendment to the Production Individualization Agreement (AIP), a mechanism that adjusts equity participation based on new geological and operational data as production evolves.
Petrobras increased its stake in Tupi to 67.457% from 67.216%, effective retroactively from Dec. 1. Shell Plc (SHEL LN) saw its share reduced to 22.65%, while Petrogal, a unit of Galp Energia (GALP PL), now holds 9.06%.
The Brazilian government, represented by Pré-Sal Petróleo SA (PPSA), raised its participation to 0.833% from 0.551%, slightly expanding its direct interest in the field.
Redeterminations are standard in shared reservoirs, particularly in Brazil’s pre-salt, where initial estimates are refined over time as production data improves. Tupi remains one of Petrobras’s core assets and a key contributor to Brazil’s crude output.