Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 49

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 49
---
 |
AFRICA
 In February 2024, we concluded the acquisition of interests in three exploratory blocks in the Democratic Republic of São Tomé and Príncipe, and in October 2024, we approved the acquisition of participation in the DWOB block in the Republic of South Africa, whose conclusion is currently subject to the approval of the local regulatory bodies.

 Main 
Assets
------

2024                                                                                           2023                              2022
Exploration                                                                                                                          
&amp; Production                                                                                                                     
Production                                                  1,084                             1,067                             5,003
wells (oil and natural gas)(1)                                                                                                       
Floating                                                       28                                25                                19
rigs                                                                                                                                 
Operated                                                                                                                           56
platforms in production(2)(3)                                                                                                        
(1)                                                                                                                                  
Includes the total amount of wells of our equity method investees (42, 42 and 44 wells in 2024, 2023 and 2022, respectively).        
(2)                                                                                                                                  
Includes only definitive production systems, EWT and EPs units.                                                                      
(3) Does not include mothballed, non-producing and platforms in fields                                                               
operated by partners.                                                                                                                
Exploration
 The oil and gas industry value chain begins in the exploratory phase, with the acquisition of exploratory blocks either through bid rounds conducted by governments or by purchases from other companies.
 We concentrate our efforts in Brazil, where the Brazilian State owns the oil deposits, but companies and consortia are allowed to extract and explore such oil upon payment in several forms, such as royalties. Forms of payment differ, depending on the applied regulatory model. Bidding rounds are the main process for the acquisition of rights over the exploratory blocks.
 There are currently three regulatory models in Brazil: Concession Agreements, Transfer of Rights Agreements and Production Sharing Agreements. The Concession model fully governed the oil and natural gas exploration and production until 2010, when the Brazilian federal government enacted laws establishing the Transfer of Rights regime and the Production Sharing regime in the Pre-salt Polygon.
 For information on the regulatory models applicable to our exploration and production activities, see “Legal and Tax” in this annual report.
 

Annual Report and Form 20-F 2024 |

                                                                     Bidding                                                                     
                                                                      rounds                                                                     
-------------------------------------------------------------------------------------------------------------------------------------------------
Over                                                                                                                                             
the past few years, we have participated selectively in the bidding rounds carried out by the ANP, aiming to reorganize our exploratory          
portfolio and