Petrobras (PBR) finalizes Sururu, Berbigão ownership splits with partners

Rhea-AI Filing Summary

Petróleo Brasileiro S.A. – Petrobras reports that Brazil’s National Agency of Petroleum, Natural Gas and Biofuels approved Production Individualization Agreements (AIPs) for the Sururu and Berbigão shared reservoirs in the Santos Basin, effective May 1, 2026.

These reservoirs, producing since 2019 through the FPSO P-68 with capacity of 150,000 barrels of oil per day, are shared between the BM-S-11A concession and a Transfer of Rights Contract operated by Petrobras. The AIPs define each party’s percentage interests and the rules for joint development and production operations.

The agreements also provide that expenses and revenues related to volumes produced up to the effective date will be subject to financial settlement negotiations among Petrobras, Shell, TotalEnergies and Petrogal.

Insights

Energy sector analyst

AIPs finalize Sururu and Berbigão ownership split and coordination.

The approval of Production Individualization Agreements for the Sururu and Berbigão reservoirs formally allocates interests among Petrobras, Shell, TotalEnergies and Petrogal and sets governance for joint development and production. Both fields already produce via FPSO P‑68, which can handle 150,000 barrels per day.

For Sururu, Petrobras holds 45.394%, while Shell, TotalEnergies and Petrogal hold 23.742%, 21.367% and 9.497%, respectively. For Berbigão, Petrobras’ share is higher at 62.913%, with partners holding smaller portions. These splits frame how future revenues and costs are shared.

The filing notes that financial settlement of expenses and revenues for production before May 1, 2026 will be negotiated among the companies. Future disclosures in company filings may describe the outcome of this settlement once agreements are reached.

Key Figures

FPSO P-68 capacity: 150,000 barrels of oil per day Petrobras interest in Sururu: 45.394% Shell interest in Sururu: 23.742% +5 more

8 metrics

FPSO P-68 capacity 150,000 barrels of oil per day Production capacity for Sururu and Berbigão since 2019

Petrobras interest in Sururu 45.394% Share in Sururu shared reservoir effective May 1, 2026

Shell interest in Sururu 23.742% Share in Sururu shared reservoir effective May 1, 2026

TotalEnergies interest in Sururu 21.367% Share in Sururu shared reservoir effective May 1, 2026

Petrogal interest in Sururu 9.497% Share in Sururu shared reservoir effective May 1, 2026

Petrobras interest in Berbigão 62.913% Share in Berbigão shared reservoir effective May 1, 2026

Shell interest in Berbigão 16.125% Share in Berbigão shared reservoir effective May 1, 2026

TotalEnergies interest in Berbigão 14.512% Share in Berbigão shared reservoir effective May 1, 2026

Key Terms

Production Individualization Agreements, shared reservoirs, Transfer of Rights Contract, FPSO P-68, +1 more

5 terms

Production Individualization Agreements financial

"regarding the approval of the Production Individualization Agreements (AIP)"

shared reservoirs financial

"Petrobras announces approval of the Production Individualization Agreements for the Sururu and Berbigão shared reservoirs"

Transfer of Rights Contract financial

"The Transfer of Rights Contract, operated by Petrobras, which holds a 100% interest"

FPSO P-68 technical

"Both fields have been producing since 2019 through the FPSO P-68, with a capacity of 150,000 barrels"

National Agency of Petroleum, Natural Gas and Biofuels (ANP) regulatory

"it has been notified by the National Agency of Petroleum, Natural Gas and Biofuels (ANP)"

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FAQ

What did Petrobras (PBR) announce regarding the Sururu and Berbigão fields?

Petrobras announced approval of Production Individualization Agreements for the Sururu and Berbigão shared reservoirs. These agreements, effective May 1, 2026, define ownership interests and governance rules for joint oil and gas development and production among Petrobras and its partners.

Who approved the Production Individualization Agreements for Petrobras (PBR)?

Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) approved the Production Individualization Agreements. Petrobras was notified on April 30, 2026, and the agreements for the Sururu and Berbigão shared reservoirs became effective on May 1, 2026, in the Santos Basin.

What is the production capacity of the FPSO P-68 used by Petrobras (PBR)?

The Sururu and Berbigão reservoirs have been producing since 2019 through the FPSO P-68, which has capacity of 150,000 barrels of oil per day. This floating production unit supports ongoing output under the newly approved Production Individualization Agreements in the Santos Basin.

What ownership interest does Petrobras hold in the Sururu shared reservoir?

Under the new agreement, Petrobras holds a 45.394% interest in the Sururu shared reservoir. The remaining interests are allocated to Shell Brasil Petróleo, TotalEnergies EP Brasil and Petrogal Brasil, aligning each party’s share in future development and production activities.

What ownership interest does Petrobras hold in the Berbigão shared reservoir?

For the Berbigão shared reservoir, Petrobras holds a 62.913% interest. Shell Brasil Petróleo, TotalEnergies EP Brasil and Petrogal Brasil hold smaller percentages, establishing how production revenues and development costs will be shared among the partners going forward.

How will past production from Sururu and Berbigão be financially settled among Petrobras and partners?

The filing states that financial settlement will cover expenses and revenues related to volumes produced before May 1, 2026. These amounts will be subject to negotiation among Petrobras, Shell, TotalEnergies and Petrogal under the Production Individualization Agreements framework.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of May, 2026

Commission File Number 1-15106

PETRÓLEO BRASILEIRO S.A. – PETROBRAS

(Exact name of registrant as specified in its charter)

Brazilian Petroleum Corporation – PETROBRAS

(Translation of Registrant's name into English)

Avenida Henrique Valadares, 28 – 9th floor 
20231-030 – Rio de Janeiro, RJ
Federative Republic of Brazil

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No___X____

 

Petrobras announces approval of the Production Individualization Agreements for the Sururu and Berbigão shared reservoirs

—

Rio de Janeiro, May 4, 2026 – Petróleo Brasileiro S.A. - Petrobras announces that it has been notified by the National Agency of Petroleum, Natural Gas and Biofuels (ANP) on April 30, 2026, regarding the approval of the Production Individualization Agreements (AIP) for the Berbigão Shared Reservoir in Zone BVE-ITP/RJS-656 (Sururu) and the Zone BVE-ITD/RJS-697 of Berbigão (Berbigão), located in the Santos Basin. As a result, the AIPs took effect on May 1, 2026. Both fields have been producing since 2019 through the FPSO P-68, with a capacity of 150,000 barrels of oil per day.

The Sururu and Berbigão Shared Reservoirs comprise:

• Concession Contract BM-S-11A, operated by Petrobras (42.5%), in partnership with Shell (25%), TotalEnergies (22.5%), and Petrogal (10%); and,

• The Transfer of Rights Contract, operated by Petrobras, which holds a 100% interest.

The agreement sets forth the interests of each party and the rules governing the joint execution of oil and natural gas development and production operations in the shared reservoir. Accordingly, effective May 1, 2026, the interests of each party in the Sururu and Berbigão Shared Reservoirs will be as follows:

Partners	Concession BM-S-11A	Transfer of Rights	Sururu
Petrobras (operator)	42,5%	100%	45,394%
Shell Brasil Petróleo Ltda	25%	-	23,742%
TotalEnergies EP Brasil Ltda	22,5%	-	21,367%
Petrogal Brasil S.A.	10%	-	9,497%

Partners	Concession BM-S-11A	Transfer of Rights	Berbigão
Petrobras (operator)	42,5%	100%	62,913%
Shell Brasil Petróleo Ltda	25%	-	16,125%
TotalEnergies EP Brasil Ltda	22,5%	-	14,512%
Petrogal Brasil S.A.	10%	-	6,450%

An AIP is executed in situations when reservoirs extend beyond the areas covered by concessions or contracts, in accordance with ANP regulations.

As a result of the process of individualizing production from the reservoirs, the financial settlement between the expenses incurred and the revenues related to the volumes produced up to the effective date of the AIP will be subject to negotiation between the companies.

www.petrobras.com.br/ir

For more information:

PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations

Email: petroinvest@petrobras.com.br/acionistas@petrobras.com.br

Av. Henrique Valadares, 28 – 9th floor – 20231-030 – Rio de Janeiro, RJ.

Tel.: 55 (21) 3224-1510/9947

This document may contain forecasts within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Trading Act of 1934, as amended (Trading Act) that reflect the expectations of the Company's officers. The terms: "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should," and similar terms, aim to identify such forecasts, which evidently involve risks or uncertainties, predicted or not by the Company. Therefore, future results of the Company's operations may differ from current expectations, and the reader should not rely solely on the information included herein.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 4, 2026

PETRÓLEO BRASILEIRO S.A–PETROBRAS

By: /s/ Fernando Sabbi Melgarejo

______________________________

Fernando Sabbi Melgarejo

Chief Financial Officer and Investor Relations Officer