Petrobras (NYSE: PBR) raises Tupi reservoir stake to 67.457% and plans 1Q26 cash inflow

Rhea-AI Filing Summary

Petróleo Brasileiro S.A. – Petrobras reports that Brazil’s oil regulator ANP approved an addendum to the Production Individualization Agreement for the Tupi Shared Reservoir in the Santos Basin, effective December 1, 2025. Following this first redetermination of reservoir volumes, Petrobras’ participation in Tupi increases slightly from 67.216% to 67.457%, while the stakes of Shell Brasil, Petrogal Brasil and PPSA are adjusted downward or upward accordingly.

The parties must carry out financial compensation for past expenses and revenues related to volumes produced up to the addendum’s effective date, under existing equalization agreements. The amount to be received by Petrobras will be recorded in its 4Q25 financial statements, with related cash inflows expected in 1Q26. The Tupi agreement does not cover the Iracema reservoir, which keeps its existing consortium participation structure.

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 December, 2025

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 redetermination of the Tupi Shared Reservoir

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Rio de Janeiro, December 1, 2025 – Petróleo Brasileiro S.A. – Petrobras announces that it has been notified by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) regarding the approval of the addendum to the Production Individualization Agreement (AIP) of the Tupi Shared Reservoir, located in the Santos Basin, which becomes effective as of today.

The Tupi Shared Reservoir comprises:

· The BM-S-11 Concession Contract (Tupi field), operated by Petrobras (65%), in partnership with Shell (25%) and Petrogal (10%);

· The Tupi South Block, under the Transfer of Rights Agreement (Tupi South field), operated by Petrobras, which holds 100% of the participation; and

· The Non-Contracted Area, owned by the Brazilian Federal Government, represented by Pré-Sal Petróleo – PPSA under the AIP, as provided for in Law 12,351/2010.

With the addendum, resulting from the completion of the first redetermination process of the Tupi Shared Reservoir, Petrobras' participation in the Reservoir increases to 67.457%.

The table below shows the previous and new participation percentages for the parties:

Parties	Tupi Participation Shares until 11/30/2025	Tupi Participation Shares from 12/01/2025
Petrobras (Operator)	67.216%	67.457%
Shell Brasil Petróleo Ltda.	23.024%	22.650%
Petrogal Brasil S.A.	9.209%	9.060%
Pré-Sal Petróleo - PPSA	0.551%	0.833%

As a result of the changes in participation shares, the companies are committed to carrying out financial compensation for the expenses incurred and revenues related to the volumes produced up to the effective date of this AIP addendum, in accordance with the applicable Expenses and Volumes Equalization Agreements (AEGV).

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.

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.

 

The amounts are currently being calculated by the parties, and the amount to be received by Petrobras will be recognized in the financial statements for 4Q25, with cash inflows expected in 1Q26.

It should be clarified that the Tupi AIP does not include the reservoir known as Iracema, which remains with the same participation shares as the BM-S-11 consortium.

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.

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: December 1, 2025

PETRÓLEO BRASILEIRO S.A–PETROBRAS

By: /s/ Fernando Sabbi Melgarejo

______________________________

Fernando Sabbi Melgarejo

Chief Financial Officer and Investor Relations Officer

FAQ

What did Petrobras (PBR) announce regarding the Tupi Shared Reservoir?

Petrobras announced that Brazil’s ANP approved an addendum to the Production Individualization Agreement for the Tupi Shared Reservoir in the Santos Basin, making the revised terms effective as of December 1, 2025.

How did Petrobras’ stake in the Tupi Shared Reservoir change?

After the first redetermination of the Tupi Shared Reservoir, Petrobras’ participation increased from 67.216% to 67.457%.

How were other partners’ interests in Tupi affected?

Shell Brasil’s participation moved from 23.024% to 22.650%, Petrogal Brasil’s from 9.209% to 9.060%, and PPSA’s from 0.551% to 0.833%, reflecting the redetermined reservoir volumes.

Will Petrobras receive financial compensation from the Tupi redetermination?

Yes. The companies will execute financial compensation for past expenses and revenues tied to volumes produced up to the addendum’s effective date, and the amount to be received by Petrobras will be recognized in its 4Q25 financial statements, with cash inflows expected in 1Q26.

Does the Tupi agreement change ownership of the Iracema reservoir for Petrobras (PBR)?

No. The Tupi Production Individualization Agreement does not include the Iracema reservoir, which keeps the same participation shares as the BM-S-11 consortium.

What kind of forward-looking statements does Petrobras highlight here?

Petrobras notes that terms like “anticipates”, “believes”, “expects”, “plans” and similar expressions indicate forecasts that involve risks and uncertainties, and that actual future results may differ from current expectations.