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

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 6
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, by analysis of geoscience and engineering data, can
be estimated with reasonable certainty to be economically feasible from a given date, from known reservoirs and under existing economic
conditions, operating methods and government regulation.

The Company also determines reserves according
to the criteria of the National Agency for Petroleum, Natural Gas and Biofuels / Society of Petroleum Engineers (ANP/SPE). The main differences
between these criteria and the SEC criterion are related to the use of different economic assumptions and the possibility of considering
as reserves, in the ANP/SPE criteria, the volumes expected to be produced beyond the concession contract expiration date in fields in
Brazil, according to the ANP technical reserves regulations.

| 4.2. | Impairment testing |

| 4.2.1.Sources | of estimation uncertainty related 
 to impairment testing             |

Impairment testing involves uncertainties mainly
related to: (a) the average Brent prices and to the Brazilian real/U.S. dollar average exchange rate, whose estimates are relevant to
virtually all of the Company's operating segments; (b) discount rates; and (c) estimated proved and probable reserves (according
to the criteria established by the ANP/SPE, as described in note 4.1). A significant number of interdependent variables used to determine
value in use are derived from these key assumptions, and their application in impairment testing involves a high degree of complexity.
Value in use represents the present value of estimated future cash flows originating from an asset or a cash-generating units (CGU).

A sensitivity analysis for assets or CGUs most
sensitive to future impairment losses or reversals in the next year is presented in note 25.

Average Brent prices and average exchange rate

The markets for crude oil and natural gas have
a history of significant price volatility and, although prices can drop or increase precipitously, industry prices over the long term
tend to be driven by market supply and demand fundamentals.

Brent prices and exchange rate projections are
derived from the Strategic Plan and are consistent with market evidence, such as independent macro-economic forecasts, industry analysts
and experts. Backtesting analysis and feedback processes in order to continually improve forecast techniques are also performed.

The Company’s oil price forecast model is
based on a nonlinear relationship between variables reflecting market supply and demand fundamentals. This model also takes into account
other relevant factors, such as the effects of the Organization of the Petroleum Exporting Countries (OPEC) decisions on the oil market,