Petrobras–Shell Take Two Pre-Salt Stakes for R$8.8 Billion as Tupi Draws No Bids

Overview

• The consortium bought 3.5% of Mero for R$7.79 billion and 0.95% of Atapu for about R$1.0 billion, while the Tupi lot received no offers.
• The PPSA ran the sale at the B3 exchange, using a 2025 law that permits the Union to sell economic rights in non‑contracted pre-salt areas.
• Petrobras said it will disburse R$6.97 billion in December and lift its stakes to 41.40% in Mero and 66.38% in Atapu.
• The Tribunal de Contas da União cleared the auction with reservations and warned about fiscal risks from dependence on one‑off revenues.
• Contracts are slated to be signed by March 4, 2026, and buyers face contingent payments linked to Brent prices above US$55 per barrel and to future redeterminations.