The total oil production under production-sharing contracts reached 1.22 million barrels per day (bpd) for the first time in March 2025. This result represents a 3% increase compared to February and was driven by the start-up of the second producing well of the FPSO Duque de Caxias in the Mero field. Since the beginning of the historical series in 2017, cumulative production under the production-sharing regime has exceeded 1.14 billion barrels, with Búzios being the top producer. The cumulative share of the Federal Government totals 73.57 million barrels. These figures are from the Production Bulletin released by Pré-Sal Petróleo S.A. (PPSA) on Tuesday, May 20.

Total natural gas exports, considering both consortiums and the government’s share, stood at 2.81 million cubic meters per day in March, a 28% decrease compared to the previous month. This drop was influenced by the temporary halt in gas flow from the P-77 platform in Búzios and the FPSO Carioca in Sépia. Still, Búzios accounted for 94% of the total exported. Since 2017, total natural gas exports under the production-sharing regime have reached 3.5 billion cubic meters, with the government's cumulative share amounting to 232 million cubic meters.

Government Production

The government’s share of oil production stood at 122 thousand bpd in March 2025, considering eight production-sharing contracts and the Unitization Agreements (AIPs) for the uncontracted areas of Atapu, Mero, and Tupi. This figure is 6.8% lower than in February and reflects a reduction in the government’s share in the Sépia production-sharing contract, due to the cost recovery process of the Earn Out mechanism. This contractual mechanism, defined in the surplus volume auctions of the transfer-of-rights areas, allows the contracted company to recover, through part of the production, any additional amounts paid to the government if the Brent oil price exceeds initial estimates. The Mero field remains the top contributor to the government’s oil production, accounting for 74% of the total.

In March, the government was also entitled to 138 thousand m³/day of natural gas from five production-sharing contracts and the Tupi AIP. This represents a 44% drop from February, mainly due to the suspension of exports from the P-77 platform in Búzios and the FPSO Carioca in Sépia, which also saw a reduction in volumes. The Unitization Agreement (AIP) for the uncontracted area of Tupi accounts for 37% of the government’s natural gas share, making it the top contributor. A gradual recovery in volumes is expected from May 2025, considering that exports from Búzios resumed in April 2025 and that the Earn Out is a temporary adjustment outlined in production-sharing contract rules.

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