Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000664
Chunk: 12

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 12
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 revisions to reserves estimates that result in changes in the timing
of reserves depletion may impact the provision for decommissioning cost. For additional information about revisions to the Company’s
reserves estimates, see note 4.1.

These obligations are recognized at present value,
using a risk-free discount rate, adjusted to the Company's credit risk. Changes in the discount rate can cause significant variations
in the recognized amount, due to the long-term nature until abandonment. A sensitivity analysis of discount rates used in the calculation
of the provision for decommissioning costs is presented in note 20.

The calculation to determine the amounts to be
provisioned are complex, since: i) the obligations are long-term; ii) the contracts and regulations contain subjective definitions of
the removal and remediation practices and criteria involved when the events occur; and iii) asset removal technologies and costs are constantly
changing, along with regulations, environmental, safety and public relations considerations. Additionally, abandonment costs are mostly
denominated in U.S. dollars, which may result in significant changes in the estimates due to changes in the exchange rates overtime.

The Company constantly conducts studies to incorporate
technologies and procedures to optimize the process of abandonment, considering industry best practices. However, the timing and amounts
of future cash flows are subject to significant uncertainty.

In the event of a total or partial sale of interest
in E&P contracts, the Company remains jointly liable for decomissioning costs after its production has ceased, if the purchaser fails
to comply with this obligation, as determined by the ANP.

Note 20 provides further information about provision
for decommissioning costs.

| 4.7. | Sources of estimation uncertainty 
 related to leases                 |

The Company uses incremental borrowing rates to
determine the present value of the lease payments, when the interest rate implicit in the lease cannot be readily determined.

The determination of incremental rates requires
estimates based on corporate funding rates (obtained from the yields on bonds issued by Petrobras), which take into account the risk-free
rate and the Company's credit risk premium, adjusted to reflect the specific conditions and characteristics of the lease, such as the
risk of the country's economic environment, guarantees, currency and duration of the payment flow.

The present value of lease liabilities is determined
based on the incremental rates estimated at the start date of each lease. Therefore, even in cases where lease agreements have similar
characteristics, their cash flows may be discounted at significantly different incremental rates depending on the