Petrobras–Shell Win Mero and Atapu Stakes in PPSA Auction for R$8.8 Billion

Overview

• The consortium bought 3.5% of Mero for R$7.791 billion with a 1.9% premium and 0.95% of Atapu for about R$1.001 billion with a 16% premium.
• The Tupi lot received no bids, leaving total proceeds below the government’s latest revenue plan for 2025.
• Petrobras said it will disburse R$6.97 billion in December, with contract signing scheduled by March 4, 2026.
• The winners assume contingent earn-out obligations, including Brent-linked payments above US$55 per barrel and amounts tied to future redeterminations.
• The federal audit court approved the sale but warned against dependence on this unprecedented operation, as only one consortium ultimately submitted offers.