Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000664
Chunk: 5

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 5
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 |   5.84 |   5.55 |   5.21 |   4.95 |   4.96 |   4.88 |   4.95 |   5.20 |   5.26 |   5.25 |   4.93 |   5.23 |
| Period-end exchange rate        |   6.19 |   5.45 |   5.56 |   5.00 |   4.84 |   5.01 |   4.82 |   5.08 |   5.22 |   5.41 |   5.24 |   4.74 |

| 3. | Material accounting policies |

To aid cohesion and comprehension, the significant
accounting policies are set out at the end of each explanatory note to which they relate.

| 4. | Judgments and sources of estimation 
 uncertainty                         |

The preparation of the consolidated financial information
requires the use of estimates and judgments for certain transactions. The following are the key judgments and the main sources of estimation
uncertainty with a significant risk of causing material adjustments to the Company's key accounting estimates over the next fiscal year.

| 4.1. | Recognition of exploration costs          
 and oil and natural gas reserve estimates |

After obtaining the legal rights to explore a specific
area, the Company uses the successful efforts method to recognize costs incurred in connection with the exploration and evaluation of
mineral resources, before demonstrating technical and commercial feasibility of extracting those resources. This method requires a direct
relationship between costs incurred and mineral resources for these costs to be characterized as assets. The types of exploration costs
and their respective recognition are presented in note 26.

The moment in which the technical and commercial
feasibility of extracting a mineral resource is determined requires management judgments. An internal commission of technical executives
of the Company periodically reviews the conditions of each well, by analysis of geological, geophysical and engineering data, as well
as economic conditions, operating methods and government regulations.

The Company considers that the technical and commercial
feasibility of a mineral resource can be demonstrated when the project has all the necessary information to characterize the reservoir
as a proved reserve. Costs associated with non-commercial mineral resources are recognized as expenses in the period when identified.

| 9 |

| INDEX |

According to the definitions prescribed by the
SEC, proved oil and natural gas reserves are those quantities of oil and gas which