Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 67

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 67
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For more information on our production of crude oil, natural gas, Synthetic Oil and Synthetic Gas by geographic area in 2024, 2023 and 2022, see Exhibit 15.3 to this annual report.
 
<{self.tag} alt="{self.alt}" src="{self.src}">Customers and Competitors
 One of our most representative trades in terms of volume and profitability is crude oil. We sell oil through long-term and spot-market contracts, and in 2024, the crude oil volume committed through long-term contracts with quantity subject to final agreement on commercial terms was approximately 233 mbbl/d. Our domestic and overseas portfolio includes approximately 70 clients, such as refiners that process or have processed Brazilian oils regularly, distributed throughout the Americas, Europe and Asia, including China.
  OIL CLIENTS (% vol)

In 2024, we remain one of the most important exporters of low sulfur fuel oil in the world, even with an increased participation of the high-sulfur grade in our portfolio. Our fuel oil is available in the major hubs in the market such as Singapore, Arab Gulf, the Mediterranean and Northwest Europe, the west coast of Africa, Panama, Caribbean and China. Our counterparties list consists of major companies, trading companies and barging companies. We have sold fuel oil to more than 20 different companies this year.
 In the exploration and production industry, we face competition to gain access to new exploratory assets. In Brazil, the bidding rounds conducted by the ANP are auctions through which the Brazilian federal government grants the right to explore and produce oil and natural gas.
 In 2022, nine operators purchased 59 concessions for exploratory blocks in the 3rd cycle of the Open Acreage of the Concession Bidding Round. Petrobras did not participate in this cycle.
  
Annual Report and Form 20-F 2024 |

In 2023, 13 operators purchased 192 concessions for exploratory blocks, in the 4th cycle of the Open Acreage of Concession Bidding Round. Petrobras is one of these operators, with 29 exploratory blocks. One operator purchased one block in the 2nd Cycle of the Open Acreage Production Sharing Modality (Petrobras did not participate in this cycle).
 ANP has not offered bidding rounds in 2024.
 
Reserves

                                                                     Preparation                                                                      
                                                                of reserves estimates                                                                 
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We                                                                                                                                                    
apply SEC regulation for estimating and disclosing the oil and natural gas reserve quantities included