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Petrobras Signs Settlement With Brazil's Oil Regulator to Upgrade 335 Offshore Wells, Pay $580.6 million

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Petrobras (PBR) has signed a settlement agreement with Brazil's oil regulator ANP to bring 335 offshore wells into compliance with well integrity regulations by Dec. 31, 2030, according to a translation of a Tuesday statement from the regulator.

The agreement ends a long-running dispute over temporarily abandoned offshore wells, the regulator said. Petrobras will pay 300 million Brazilian Reais ($580.6 million) in compensation, including 105 million Brazilian Reais within 30 days and the balance in 48 monthly installments, ANP said.

The company has also agreed to submit semiannual progress reports, share technical data with the regulator, join an emergency response cooperation program, and provide tools for interventions in wells transferred to other operators, the regulator said.

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