Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000664
Chunk: 90

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 90
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 oil and gas reserves

The costs incurred in connection with the
exploration, appraisal and development of crude oil and natural gas production are accounted for using the successful efforts method of
accounting, as set out below:

| • | geological and geophysical costs related to exploration                                                                               
 and appraisal activities incurred until economic and technical feasibility are demonstrated are immediately recognized as an expense; |

| • | amounts paid for obtaining concessions for exploration                                                                                       
 of crude oil and natural gas (capitalized acquisition costs) are initially capitalized as intangible assets and are transferred to property, 
 plant and equipment once the technical and commercial feasibility are demonstrated. More information on intangible assets accounting policy, 
 see note 24;                                                                                                                                 |

| • | costs directly attributable to exploratory wells,                                                                                              
 including their equipment, installations and other costs necessary to identify the technical and commercial feasibility, pending determination 
 of proved reserves, are capitalized within property, plant and equipment. In some cases, exploratory wells have discovered oil and gas         
 reserves, but at the moment the well drilling is completed they are not yet able to be classified as proved. In such cases, the expenses       
 continue to be capitalized if the well has found a sufficient quantity of reserves to justify its completion as a producing well and progress  
 on assessing the reserves and the technical and commercial feasibility of the project is under way (for more information see note 26.1);       |

| • | an internal commission of technical executives of                                                                                         
 the Company reviews monthly these conditions for each well, by analysis of geoscience and engineering data, existing economic conditions, 
 operating methods and government regulations (for more information see note 4.1);                                                         |

| • | costs related to exploratory wells drilled in areas                                                                                
 of unproved reserves are charged to expense when determined to be dry or uneconomic by the aforementioned internal commission; and |

| • | costs related to the construction, installation and                                                                                          
 completion of infrastructure facilities, such as drilling of development wells, construction of platforms and natural gas processing units,  
 construction of equipment and facilities for the extraction, handling, storing, processing or treating crude oil and natural gas, pipelines, 
 storage facilities, waste disposal facilities and other related costs incurred in connection with the development of proved reserve areas    
 (technically and commercially feasible) are capitalized within property, plant and equipment.                                                |

| 26.1. | Aging of Capitalized Exploratory 
 Well Costs                       |

The following tables set out the amounts of
exploratory well costs that have