Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 194

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 194
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ing the applicable amount from cash distributions. ADS holders may also be required to pay additional fees for certain services provided by the Depositary, as set forth in the table below.
  
Annual Report and Form 20-F 2024 |

                                                  Depositary                                                             Fees         
                                                   Services                                                     Payable by ADS Holders
--------------------------------------------------------------------------------------------------------------------------------------
Issuance                                                                                                        US$5.00               
and delivery of ADSs, including issuances resulting from a distribution of shares or rights or other property   (or less) per 100 ADSs
                                                                                                                (or                   
                                                                                                                portion thereof)      
Distribution                                                                                                    US$0.05               
of dividends                                                                                                    (or less) per ADS     
Cancellation                                                                                                    US$5.00               
of ADSs for the purpose of withdrawal                                                                           (or less) per 100 ADSs
                                                                                                                (or                   
                                                                                                                portion thereof)      
 
Fees Payable by the Depositary 
 The Depositary reimburses us for certain expenses we incur in connection with the administration and maintenance of the ADR program. These reimbursable expenses comprise, among others, investor relations expenses, listing fees and legal fees.
  
Annual Report and Form 20-F 2024 |
<{self.tag} alt="{self.alt}" src="{self.src}">Regulation
 
Business Regulation
 
Exploration & Production
 Under Brazilian law, the federal government owns all crude oil and natural gas subsoil accumulations in Brazil, and any state- or privately-owned company can carry out the exploration and production of such oil and natural gas accumulations in the country. There are three different types of E&P contracts: (i) Concession Regime; (ii) Production Sharing; and (iii) Transfer of Rights.
Concession Regime
 Until 1997, we were the Brazilian federal government’s exclusive agent to carry out exploration and production of oil and gas in Brazil.
 In 1997, the Brazilian federal government established a concession-based regulatory framework and created an independent regulatory agency to regulate the oil, natural gas and renewable fuel industry in Brazil, namely the ANP. This framework and the ANP created a competitive environment in the oil and gas sector.
 The concession-based regulatory framework granted us the right to explore crude oil reserves in each of our already existing producing fields under concession contracts for an initial term of 27 years from the date when they were declared commercially profitable. These are known as the “Round Zero” concession agreements. This initial 27-year period for production can be extended at the request of the concessionaire