December 2025 TOP M&A deals in Brazil market

Brazilian oil giant Petrobras, in consortium with Shell, is acquiring a 3.5% stake in the Mero shared reservoir from the Federal Government of Brazil for BRL 7.7bn (USD 1.5bn). The stake was secured through the Non-Contracted Areas Auction. The consortium structure gives Petrobras 80% and Shell 20% participation. The deal aligns with Petrobras’ strategy to reinforce its reserve base in high-productivity pre-salt assets, with Mero being a key long-term growth contributor.