Petrobras to acquire Argonauta field ring-fence stake

Petróleo Brasileiro S.A. – Petrobras has agreed to acquire 100% of a portion of the Argonauta Field ring-fence in the BC-10 concession in Brazil’s Campos Basin from Shell, ONGC, and Brava.

Rhea-AI Filing Summary

Petróleo Brasileiro S.A. – Petrobras has agreed to acquire 100% of a portion of the Argonauta Field ring-fence in the BC-10 concession in Brazil’s Campos Basin from Shell, ONGC, and Brava.

The acquired area corresponds to 0.86% of the shared pre-salt Jubarte Shared Reservoir. The total consideration will be R$ 700 million plus US$ 150 million, paid in three installments: R$ 100 million at closing, R$ 600 million on January 15, 2027 or at closing (whichever is later), and US$ 150 million two years after closing, subject to price adjustments under the agreement.

After completion, Petrobras will hold a 98.11% interest in the Jubarte Shared Reservoir, while Brazil’s federal government, via PPSA, will retain 1.89%. The deal is described as offering attractive economic and financial terms, simplifying asset management, and aligning with Petrobras’ Business Plan focused on profitable assets. Closing is subject to conditions precedent, including approvals from ANP and CADE.

Insights

Energy sector M&A analyst

Petrobras consolidates control of a key pre-salt reservoir on strategic terms.

Petrobras is acquiring 100% of a portion of the Argonauta Field ring-fence tied to 0.86% of the Jubarte Shared Reservoir, for R$ 700 million plus US$ 150 million, paid in staged installments with contractual price adjustments.

On completion, Petrobras’ interest in Jubarte rises to 98.11%, with PPSA at 1.89%. Management characterizes the deal as economically attractive, simplifying asset management and aligning with a focus on profitable assets in the Campos Basin, where Parque das Baleias currently produces about 210,000 barrels of oil per day.

Closing depends on conditions precedent, including approvals from ANP and CADE. Until those are granted and closing occurs, the transaction remains pending and its operational and financial effects will not yet be realized.

Key Figures

Total consideration: R$ 700 million and US$ 150 million First installment: R$ 100 million Second installment: R$ 600 million +5 more

8 metrics

Total consideration R$ 700 million and US$ 150 million Purchase of Argonauta Field ring-fence portion

First installment R$ 100 million Payable at transaction closing

Second installment R$ 600 million Due January 15, 2027 or at closing, whichever is later

Third installment US$ 150 million Payable two years after closing

Reservoir slice acquired 0.86% Portion of Jubarte Shared Reservoir tied to Argonauta ring-fence

Petrobras post-deal interest 98.11% Ownership in Jubarte Shared Reservoir after completion

PPSA interest 1.89% Federal government share in Jubarte Shared Reservoir

Current oil production 210 thousand barrels per day Parque das Baleias production using Jubarte infrastructure

Key Terms

ring-fence, Unitization Agreement, Jubarte Shared Reservoir, conditions precedent, +1 more

5 terms

ring-fence financial

"acquire 100% of a portion of the ring-fence of the Argonauta Field"

Unitization Agreement financial

"related to the Unitization Agreement (Acordo de Individualização da Produção – “AIP”)"

Jubarte Shared Reservoir financial

"0.86% of the shared pre-salt Jubarte reservoir (the “Jubarte Shared Reservoir”)"

conditions precedent financial

"Closing of the transaction is subject to the satisfaction of conditions precedent"

Conditions precedent are the specific tasks, approvals, or facts that must be satisfied before a contract or transaction becomes effective or a payment is made. Think of them as a checklist you must complete before turning the key on a new machine; if items are missing the deal can be delayed, renegotiated, or canceled. Investors watch these conditions because they determine timing, completion risk, and whether expected benefits will actually occur.

FPSO technical

"operated by Petrobras through the P-57 and P-58 platforms, the FPSO Cidade de Anchieta, and the FPSO Maria Quitéria"

A FPSO (Floating Production, Storage and Offloading unit) is a ship-like facility that sits offshore to process oil or gas pumped up from under the seabed, store the product, and transfer it to tankers or pipelines. For investors it matters because an FPSO turns remote reserves into cash: it represents a major capital asset and source of revenue but also concentrates operational, maintenance and safety risks that can affect production levels, costs and company valuation.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What asset is Petrobras (PBR) acquiring in the Argonauta Field deal?

Petrobras is acquiring 100% of a portion of the Argonauta Field ring-fence in the BC-10 concession. This portion corresponds to 0.86% of the shared pre-salt Jubarte reservoir, which is already operated by Petrobras and integrated with the Parque das Baleias production infrastructure.

How much will Petrobras (PBR) pay for the Argonauta ring-fence portion?

The total consideration will be R$ 700 million plus US$ 150 million. Payments are split into three installments, with R$ 100 million due at closing, R$ 600 million on January 15, 2027 or at closing, and US$ 150 million two years after closing, subject to price adjustments.

What ownership stake will Petrobras (PBR) hold in the Jubarte Shared Reservoir after this transaction?

Upon completion of the transaction, Petrobras will hold a 98.11% interest in the Jubarte Shared Reservoir. The Brazilian federal government, represented by PPSA, will retain a 1.89% interest related to the reservoir’s extension into non-contracted areas, preserving its minority stake.

What approvals are required before Petrobras (PBR) can close the Argonauta acquisition?

Closing is subject to conditions precedent in the purchase and sale agreement, including approvals from ANP, Brazil’s National Agency of Petroleum, Natural Gas and Biofuels, and CADE, the Administrative Council for Economic Defense. These regulatory clearances must be obtained before completion.

How does this acquisition fit Petrobras (PBR)’s strategy in the Campos Basin?

Petrobras states the acquisition has attractive economic and financial terms, simplifies asset management, and aligns with its Business Plan. It strengthens operations in the Campos Basin, where the Parque das Baleias area, integrated with the Jubarte reservoir, currently produces about 210,000 barrels of oil per day.

What happens to existing equalization and unitization negotiations after this Petrobras (PBR) deal closes?

At closing, the equalization negotiation process among Petrobras, Shell, ONGC, and Brava will be concluded. Any ongoing or potential negotiations on unitization of production or equalization of shared reservoirs between Jubarte and the ring-fence portion covered by this transaction will also be concluded.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 6-K: How Foreign Companies Report to the SEC →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 04/27/2026 - 05:53 PM EDT Learn about SEC filing dates

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 April, 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 Expands Its Presence in the Campos Basin with the Acquisition of Part of the Argonauta Ring-Fence

—

Rio de Janeiro, April 27, 2026 – Petróleo Brasileiro S.A. – Petrobras announces that it has entered into an agreement to acquire 100% of a portion of the ring-fence of the Argonauta Field (BC-10 Concession) in the Campos Basin, currently held by Shell (Shell Brasil Petróleo Ltda.), ONGC (ONGC Campos Ltda.), and Brava (Enauta Petróleo e Gás Ltda.).The acquired portion corresponds to the area of the Argonauta Field that holds 0.86% of the shared pre-salt Jubarte reservoir (the “Jubarte Shared Reservoir”), related to the Unitization Agreement (Acordo de Individualização da Produção – “AIP”) in effect since August 1, 2025, as disclosed to the market on July 23, 2025.

The total consideration for the transaction will be the sum of R$ 700 million and US$ 150 million, with payment expected to be made in three installments, as follows: (i) the first installment, in the amount of R$ 100 million, upon closing of the transaction (“Closing”); (ii) the second installment, in the amount of R$ 600 million, on January 15, 2027 or at Closing, whichever occurs later; and (iii) the third installment, in the amount of US$ 150 million, two years after Closing. The amounts are subject to price adjustments as defined in the agreement.

Upon completion of the transaction, Petrobras will hold a 98.11% interest in the Jubarte Shared Reservoir, while the Federal Government, represented by Pré-Sal Petróleo S.A. (“PPSA”), will maintain its 1.89% interest related to the extension of the reservoir into non-contracted areas. In addition, upon closing of the transaction, the negotiation process for equalization among Petrobras, Shell, ONGC, and Brava—whose progress was disclosed in a release dated October 20, 2025—will be concluded, as will any ongoing or potential negotiations related to unitization of production and/or equalization of any shared reservoirs between Jubarte and the portion of the ring-fence subject to this transaction.

The acquisition offers attractive economic and financial terms, simplifies asset management, and is aligned with Petrobras’ Business Plan, strengthening our operations in the Campos Basin and maximizing value with a focus on profitable assets.

Closing of the transaction is subject to the satisfaction of conditions precedent set forth in the purchase and sale agreement, including approval by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (Agência Nacional do Petróleo, Gás Natural e Biocombustíveis – “ANP”) and the Administrative Council for Economic Defense (Conselho Administrativo de Defesa Econômica – “CADE”).

About Parque das Baleias

The Jubarte Shared Reservoir is operated by Petrobras in an integrated manner with the production infrastructure of the area known as Parque das Baleias. Parque das Baleias is a group of fields located in the northern portion of the Campos Basin, in water depths between approximately 1,220 and 1,400 meters, with Jubarte as its main field. The assets are operated by Petrobras through the P-57 and P-58 platforms, the FPSO Cidade de Anchieta, and the FPSO Maria Quitéria, with current production of approximately 210 thousand barrels of oil per day.

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.

 

Figure 1 – Location of the ring-fence subject to the transaction

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: April 27, 2026

PETRÓLEO BRASILEIRO S.A–PETROBRAS

By: /s/ Fernando Sabbi Melgarejo

______________________________

Fernando Sabbi Melgarejo

Chief Financial Officer and Investor Relations Officer