Petrobras will hold a 70 percent stake in the blocks as the operator while Shell will own 30 percent. Image by Junior Pereira via iStock

Brazil's state-owned Petróleo Brasileiro SA (Petrobras), through a consortium with Shell PLC, has acquired 26 concession contracts under the fourth Permanent Concession Offer Cycle.

The concessions were secured during a public session held by the National Agency of Petroleum, Natural Gas and Biofuels (ANP) in December 2023, Petrobras said in a media release. Petrobras said it will hold a 70 percent stake in the blocks as the operator while Shell will own a 30 percent stake.

The acquired blocks are P-M-1277, P-M-1279, P-M-1281, P-M-1361, P-M-1363, P-M-1441, P-M-1443, P-M-1357, P-M-1359, P-M-1439, P-M-1516, P-M-1518, P-M-1595, P-M-1597, P-M-1793, P-M-1795, P-M-1838, P-M-1840, P-M-1520, P-M-1522, P-M-1599, P-M-1674, P-M-1676, P-M-1678, P-M-1743 and P-M-1799.

Petrobras said it has secured three other blocks in partnership with CNOOC and Shell, the contracts for which will be signed at a later date per the ANP's schedule. In this partnership Petrobras will own a 50 percent stake, CNOOC Petroleum 20 percent, and Shell 30 percent.

The contracts strengthen Petrobras' position as the main operator of oil fields located in deep and ultra-deep waters, potentializing the recomposition of reserves for the future, the company said.

During the December 2023 session, 44 blocks in the Pelotas Basin were awarded. Chevron secured 15 blocks.