Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 90

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 90
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/d in 2025 due to the migration of these industrial customers to the free natural gas market. In addition, another 1,5 MM m³/d were reduced after some of the distribution companies exercised a contractual option required by Resolution nº 03/2022 of the National Energy Policy Council (CNPE).
 As of December 31, 2024, Petrobras’ total commitment of natural gas contracts to be delivered in 2025 is 25 MM m³/d, including contracts with distribution companies and other industrial clients signed in previous years.
 On October 10, 2024, we entered into a settlement agreement with Gás de Alagoas S.A. – ALGÁS to cease the existing legal disputes initiated in 2022.
  
Annual Report and Form 20-F 2024 |

1When we started building the GASBOL in 1996, we entered into a Long-term Gas Supply Agreement (“GSA”) with the Bolivian state-owned company YPFB to purchase certain minimum volumes of natural gas, which were based on an average delivery-or-pay commitment of 30 mmm3/d, at prices indexed to global fuel oil prices.
 The supply of gas under the GSA began on July 1, 1999. Currently, the contractual balance volumes agreed upon since December 31, 2023 indicates a potential extension of the term of the contract to February 2028, if delivery or pay conditions are met, or October 2029, if take-or-pay withdraw volumes are taken into account. The main commitment adjustments were the Addendum 11, celebrated in 2022, and Addendum 12, celebrated in December 2023, resulting from the negotiation to adjust the GSA to the declining production of Bolivian natural gas15F.
 Regarding transport contracts, we have signed agreements with (i) GTB, which operates the transmission network in Bolivia, connecting Bolivian gas production to the Brazilian border, and (ii) TBG, TAG, and NTS, which operate the Brazilian transmission network. The contracts have different durations, some of which are long-term. Since 2019, the market opening process has started with public auctions for contracting capacity in TBG's transport network taking into consideration the reduction of Petrobras’ commitments in that system.
 The table below shows the potential effect of the contractual commitments under the above agreements for the five-year period from 2025 through 2029.
 

Annual Report and Form 20-F 2024 |