Petrobras–Shell consortium formalizes acquisition of Union stakes in Mero and Atapu

Brazil’s Ministry of Mines and Energy and Pré-Sal Petróleo S.A. signed on March 10 contracts transferring Union rights in non-contracted portions of shared reservoirs in Mero Field and Atapu Field, located in pre-salt of Santos Basin.

Areas were acquired by a consortium formed by Petrobras and Shell in December 2025 auction of non-contracted areas, held at B3.

Key transaction terms:

• Total consideration: ~R$ 8.8 billion
• Premium over minimum price: R$ 337 million
• Union stake transferred: 3.5% in Mero / 0.95% in Atapu
• Effective transfer date: March 1, 2027

Until transfer becomes effective, oil and gas production from these areas remains property of Brazilian Union and will continue to be marketed by Pré-Sal Petróleo S.A..

Auction marked first implementation of monetization mechanism based on Production Individualization Agreements (AIPs), allowing government to commercialize participation in non-contracted portions of producing reservoirs.

Mero Field and Atapu Field remain among most productive assets in Brazilian pre-salt, reinforcing strategic importance of Santos Basin in long-term offshore supply outlook.