Landmark decision clarifies interests and sets rules for shared operations in the prolific Campos Basin.
The National Agency of Petroleum, Natural Gas and Biofuels (ANP) has officially approved the Production Individualization Agreement (AIP) for the Jubarte Pre-Salt Shared Deposit, a significant development for the future of oil and natural gas exploration and production in Brazil's prolific Campos Basin. This crucial approval, announced by Petrobras on July 23, 2025, effectively clarifies the interests of all parties involved and establishes the operational framework for jointly developing and producing hydrocarbons from this vital pre-salt reservoir. The agreement is set to become effective on August 1, 2025.
The Jubarte Pre-Salt Shared Deposit is an important asset, encompassing a vast area within the Espírito Santo portion of the Campos Basin. Its composition highlights the complexity of pre-salt geology, extending across different contractual boundaries. Specifically, the shared deposit comprises:
• The Jubarte Field (BC-60) area, accounting for the lion's share at 97.25%.
• Non-contracted areas belonging to the Union, represented by Pré-Sal Petróleo S.A. (PPSA), with 1.89%.
• A portion of the Argonauta Field (BC-10), making up 0.86%.
The approval of the AIP is a vital step in ensuring the efficient and equitable development of this shared resource. AIPs are typically required when hydrocarbon deposits transcend the boundaries of existing concession or contracted areas, as dictated by ANP regulations. Such agreements are essential to prevent predatory production, optimize investments, share costs effectively, and maximize the recovery factor of the reservoir, ultimately enhancing the economic viability of the project.
With the AIP now approved, the interests of each party in the Jubarte shared field have been formally established. While specific percentage breakdowns for each individual company were not detailed in the immediate announcement, Petrobras's dominant 97.25% share of the Jubarte Field (BC-60) area suggests a significant interest for the state-owned oil giant in the overall shared deposit. Other entities with stakes in the broader shared reservoir include Shell (0.430%), ONGC (0.232%), Brava (0.198%), and the Brazilian Federal Government represented by PPSA (1.890%).
A key aspect of this agreement is the commitment from all involved companies to negotiate financial compensation. This negotiation will address the expenses incurred and revenues generated from the volumes produced from the Jubarte Pre-Salt Shared Deposit up to the effective date of the AIP. This ensures a fair distribution of past costs and revenues, considering the varying timelines and contributions of each party prior to the formal individualization of production.
The Jubarte field has a long history of production, with the first pre-salt oil from the field produced in 2008. The FPSO Maria Quitéria, a significant asset in the region, operates in the Jubarte field, highlighting the ongoing operational presence and importance of this area to Brazil's energy landscape.
