ANP greenlights Jubarte unitization, Petrobras takes dominant stake
Rhea-AI Filing Summary
Petróleo Brasileiro S.A. – Petrobras (PBR) reports that Brazil’s oil regulator ANP has approved the Production Individualization Agreement (AIP) for the Jubarte Pre-Salt Shared Reservoir in the Campos Basin. The unitization aligns ownership interests where the reservoir extends beyond concession boundaries and becomes effective 01-Aug-2025.
- Petrobras will hold 97.250% of the unitized reservoir; the remaining 2.750% is split among Shell (0.430%), ONGC (0.232%), Brava (0.198%) and the Brazilian Federal Government via PPSA (1.890%).
- The AIP sets rules for joint development, production operations and future revenue sharing.
- Parties must negotiate financial compensation covering historical costs and production up to the effective date.
Regulatory clearance removes legal uncertainty, affirms Petrobras’ dominant stake and paves the way for coordinated development of a high-quality pre-salt asset, potentially accelerating future production and cash generation.
Positive
- 97.25% working interest secured in Jubarte Pre-Salt, materially expanding Petrobras’ future production entitlement.
- Regulatory approval removes legal uncertainty and accelerates development timeline.
- Minor partners’ combined stake of only 2.75% limits future dilution and decision-making complexity.
Negative
- Obligation to negotiate financial compensation for past costs and production could create short-term cash outflow.
- Future joint operations introduce coordination risk with multiple partners, albeit small minorities.
Insights
TL;DR: Unitization gives Petrobras 97% control, de-risks Jubarte development, modest compensation obligation is the only caveat.
ANP’s approval finalizes ownership in Jubarte, a pre-salt reservoir known for high productivity. Petrobras’ 97.25% share consolidates future barrels and capital allocation decisions, boosting reserve certainty and project NPV. The requirement to compensate minority holders for past costs is minor given their combined 2.75% stake. Overall, the ruling reduces regulatory risk and should be marginally accretive to valuation.
TL;DR: Regulatory clarity lifts strategic upside; impact positive but not transformative for Petrobras’ portfolio size.
Petrobras already commands a multi-billion-barrel reserve base; nonetheless, locking in nearly all of Jubarte strengthens medium-term growth visibility. Agreement timing (effective Aug-25) allows swift project sanctioning under current capex plan. Cash settlements owed to partners are unlikely to dent leverage metrics. I view the disclosure as impactful at the margin, supporting a constructive stance on PBR equity.
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 July, 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____
Approval of the Production
Individualization Agreement of the Jubarte Pre-Salt by ANP
—
Rio de Janeiro, July 23, 2025 – Petróleo Brasileiro S.A. – Petrobras hereby informs that the Production Individualization Agreement (AIP) of the Jubarte Pre-Salt Shared Reservoir, located in the Campos Basin, has been approved by the National Agency of Petroleum, Natural Gas, and Biofuels (ANP).
The Jubarte Pre-Salt Shared Reservoir comprises:
• an area of the Jubarte Field (BC-60) with 97.25%,
• uncontracted areas (Federal Government, represented by PPSA) with 1.89%; and
• an area of the Argonauta Field (BC-10) with 0.86%;
The agreement establishes each party’s interest and the rules for the joint implementation of the development and production operations of oil and natural gas in the shared reservoir. The interests of each party in the Jubarte shared reservoir are as follows:
| Interests in the Shared Reservoir | |
| PETROBRAS | 97.250% |
| SHELL | 0.430% |
| BRAVA | 0.198% |
| ONGC | 0.232% |
| FEDERAL GOVERNMENT (represented by PPSA) | 1.890% |
The AIP is executed when reservoirs extend beyond the boundaries of the contracted or concession areas, according to ANP regulations. Following ANP approval, the AIP will become effective on August 01, 2025.
As a result of the process of individualizing the production of the deposit, the companies' commitment includes the obligation to negotiate financial compensation between the expenses incurred and the revenues relating to the volumes produced up to the effective date of the AIP.
www.petrobras.com.br/ri
For more information:
PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations
Email: petroinvest@petrobras.com.br/acionistas@petrobras.com.br
Av. Henrique Valadares 28 – 9º andar – 20031-030 – Rio de Janeiro, RJ
Phone: 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 Exchange Act of 1934, as amended (Exchange 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, the future results of the Company's operations may differ from current expectations, and the reader should not rely solely on the information contained 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: July 23, 2025
PETRÓLEO BRASILEIRO S.A–PETROBRAS
By: /s/ Fernando Sabbi Melgarejo
______________________________
Fernando Sabbi Melgarejo
Chief Financial Officer and Investor Relations Officer
FAQ
What did ANP approve regarding Petrobras (PBR)?
How much of the Jubarte Pre-Salt reservoir does Petrobras own?
Who are the minority partners in the Jubarte AIP?
Will Petrobras face any immediate costs from the agreement?
Why is the AIP important for investors?
