Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 71

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 71
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                                      one bbl = six cubic feet.                                 
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(2)   Lifting
       costs.
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For information about our capitalized exploration costs, see Note 26 to our audited consolidated financial statements and the unaudited supplementary information on oil and gas exploration and production contained therein.
  
Annual Report and Form 20-F 2024 |
Refining, Transportation & Marketing
 
We processed 69% of all our oil production, which includes oil and LNG and excludes Natural Gasoline (C5+), in our refineries. In 2024, we produced 1,783 mbbl/d of oil products, from the processing of Brazilian oil (91% of feedstock) and imported oil (9% of feedstock). We traded these oil products both in Brazil and abroad.
 Furthermore, we operate in the petrochemical sector with interests in companies and in the fertilizer sector with interests and plants in Brazil.
 
Overview
 We own and operate 10 refineries in Brazil, with a total net crude distillation capacity of 1,813 mbbl/d. This represents 83% of all refining capacity in Brazil, according to the 2024 statistical yearbook published by the ANP. Most of our refineries are located near our crude oil pipelines, storage facilities, refined product pipelines, and major petrochemical facilities, easing access to crude oil supplies and end-users.
 We also operate a large and complex infrastructure of pipelines and terminals, and a shipping fleet to transport oil products and crude oil to Brazilian and global markets. We operate 36 of our own terminals through our wholly-owned subsidiary Petrobras Transporte S.A. (“Transpetro”), and we have contracts for the use of some of the storage capacity of 17 third-party terminals, while Transpetro operates nine other third-party terminals.
 

Annual Report and Form 20-F 2024 |
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Annual Report and Form 20-F 2024 |

In 2019, we signed two agreements with CADE related to the divestment of some of our refining assets in Brazil (REMAN, LUBNOR, RNEST, RLAM, REGAP, REPAR and REFAP) and a shale industrialization unit (SIX).
 In 2024, following the strategic direction presented in the Strategic Plan 2024-2028+ in force at that time, CADE agreed to sign an amendment through which new obligations were set regarding the activities