BRASILIA/SAO PAULO, Oct 22 (Reuters) – Brazil won a partial victory in an international dispute about the Tupi oilfield against a consortium formed by Petrobras (PETR3.SA), opens new tab, Shell (SHEL.L), opens new tab and Petrogal, allowing the country to keep 22.2 billion reais ($4.11 billion) in tax payments, the Solicitor General’s Office said on Wednesday.
The dispute with Brazil’s oil regulator ANP over tax regulations governing the field’s size is being mediated by the arbitration court at the International Chamber of Commerce.
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In a small defeat for Brazil, the court also decided that future compensation by the consortium can be made in other ways besides cash payments if the amount is 30% higher than the quarterly deposits made since 2019 when a federal court ruled in favor of the government.
Shell declined to comment, while Petrobras, which has a 65% stake in the consortium, did not immediately respond to a request for comment.
Tupi has for years been Brazil’s highest producing field, with over 1 million barrels of oil equivalent per day.
However, since 2014, the consortium has asserted that Tupi actually includes the Cernambi field as well, but the government considers them as one big field, whose oil production revenue is subject to a higher tax rate.
($1 = 5.4039 reais)
Reporting by Ricardo Brito in Brasilia and Roberto Samora in Sao Paulo; Writing by Fernando Cardoso; Editing by Richard Chang
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Keynote speaker Erik Berglöf, Chief Economist at the Asian Infrastructure Investment Bank (AIIB), outlined how the bank is integrating nature into development finance. From wetlands in Mongolia to mangrove protection in Brazil, the approach includes natural capital valuation, policy-based financing, and public-private partnerships.
“Nature is not a side concern—it is part of the operating system of our infrastructure,” Berglöf said.
AIIB’s policy-based financing model allows direct lending to governments to support climate and nature policies. A $1 billion loan to Brazil, for example, includes frameworks for mangrove management and climate-resilient health systems, illustrating how planetary health can be built into infrastructure finance. In China, AIIB’s Nature Finance Accelerator mobilises private investment through taxonomy-based project classification and carbon credit markets.
AIIB’s pilot project in Mongolia shows how ecosystem service valuation can expand the scope of infrastructure investments—from flood management to pollination, carbon sequestration, and recreation—prompting local authorities to scale up restoration efforts. This evidence-based approach positions nature as an asset rather than a cost.
Banks and Investors Demand Measurable Nature Impact
Representing European Bank for Reconstruction and Development (EBRD), Adonai Herrera Martínez highlighted the dual goals of financial returns and measurable environmental impact. He emphasised the critical role of IUCN in advocacy, guidance, and verification—helping financial institutions define metrics, develop methodologies, and link investments to actual improvements in the state of nature.
Energy Sector Scaling Up Renewables Responsibly
Patricia Claverie from TotalEnergies spoke about the urgency of scaling renewable energy at unprecedented speed while mitigating ecological impacts. Using IUCN’s guidance during the repowering of a wind farm on Réunion Island, the company was able to redesign the project with fewer turbines, lower impact, and a stronger biodiversity action plan.
Karen Westley of Ipieca underscored the power of industry collaboration: through Ipieca’s global network, lessons learned from IUCN partnerships can be shared across 60% of the oil and gas sector, amplifying systemic change.
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Radical Partnerships for a Nature-Positive Future
Closing the session, Stewart Maginnis, Deputy Director General of IUCN, called for radical partnerships that place biodiversity conservation at the heart of the global energy transition.
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Sidley advised Xignux, a Monterrey, México-based leader in the energy and food industries, in connection with the US$5.275 billion sale to GE Vernova Inc. (NYSE: GEV) of its remaining fifty percent stake of Prolec GE, its joint venture with GE Vernova Inc., which was originally established in 1995. The deal reportedly marks the largest private transaction in México’s history, as reported by Reforma.
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The Sidley team was led by Alyssa A. Grikscheit (Investment Funds and M&A) and Eduardo Marquez Certucha (Energy and Infrastructure), and supported by Mo Green (Private Equity), and Jessica Day (M&A).
Xignux received advice on legal matters from their in-house counsels Oscar Martinez Treviño, Teresa Villarreal Torres, and Federico de la Torre Herrera; with Creel, García-Cuéllar, Aiza y Enríquez, and Santos-Elizondo, providing local counsel in México, and Pinheiro Neto Advogados providing local counsel in Brazil; and on financial matters by J.P. Morgan Securities LLC.
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