Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 9

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 9
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 sanctions, as well as impacts on our image and reputation, and affect our operational and financial results.
 1.c) Maintaining our long-term oil production objectives depends on our ability to successfully incorporate and develop our reserves. 
 Our ability to incorporate additional reserves depends on exploration activities, which expose us to its inherent risks and may not lead to the discovery of commercially viable oil or natural gas reserves.
 In addition, competition in the oil and gas sector in Brazil or difficulties in obtaining environmental licensing in New Frontier areas, both in Brazil or abroad, may make it more difficult or costly to (i) obtain additional acreage in bidding rounds for new contracts, and (ii) develop existing contracted areas.
 Adding new reserves depends on our ability to conceive and implement development projects. Exploration and development activities in deepwater and Ultra-deepwater require significant capital investments and involve several factors that are beyond our control, such as significant changes in economic conditions, climate and environmental regulations and obtaining and/or renewing environmental permits, supply market capacity, and unexpected operating conditions, including equipment failures or incidents, which may restrict, delay or cancel our operations.
 1.d) We may incur losses and spend time and financial resources defending pending litigations and arbitrations. 
 We are currently party to several administrative, legal and arbitration proceedings related to civil, administrative, tax, labor, environmental and corporate claims filed against us. These claims involve substantial amounts of money and other resources, and the total cost of unfavorable decisions can have a material adverse effect on our results and financial condition.
 These legal, administrative and arbitration proceedings can have a negative impact on our results in the event of unfavorable outcomes, such as contracts’ termination and/or revision of governmental authorizations. Depending on the outcome, litigation can result in restrictions on our operations and have a material adverse effect on some of our business.
 We can be affected by changes in rules, regulations and jurisprudence that can have a material adverse effect on our financial condition and results.
  
Annual Report and Form 20-F 2024 |

1.e) The selection and development of our investment projects have risks that may affect our expected results.
 We constantly evaluate new project opportunities for our investment portfolio. As most projects are characterized by a long period of development and maturation, we may face changes in market conditions, such as fluctuations in input and finished product prices, new regulatory requirements, consumer preferences, and demand profile, exchange and interest rates, and financing conditions that may jeopardize our expected rates of return. We may also adjust our project approval criteria