Petroleo Brasileiro SA- Petrobras (PBR) has released an update.

Petrobras, in partnership with Shell and CNOOC, has finalized three concession contracts in the Pelotas Basin, marking the completion of its participation in the 4th Permanent Concession Offer Cycle with a total of 29 contracts. This strategic move enhances Petrobras’ position as a dominant operator in deep and ultra-deep water fields, aiming to diversify its portfolio and bolster its future reserves. The company holds a 50% stake in these ventures, further cementing its leadership in Brazil’s oil sector.

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