Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000664
Chunk: 89

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 89
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The transfers which occurred in Property plant
and equipment during 2023 were destined for the production development projects of the Raia Pintada and Raia Manta fields, related to
the BM-C-33 block (US$ 968), and the Sépia field (US$ 46).

Exploration costs recognized in the statement of
income and cash used in oil and gas exploration and evaluation activities are set out in the following table:

|                                                                                             |  2024 |  2023 | 2022 |
| Exploration costs recognized in the statement of income                                     |       |       |      |
| Geological and geophysical expenses                                                         |  -412 |  -566 | -358 |
| Exploration expenditures written off (includes dry wells and signature bonuses (1)          |  -482 |  -421 | -248 |
| Contractual penalties on local content requirements                                         |    -5 |    12 |  -47 |
| Other exploration expenses                                                                  |   -14 |    -7 |  -34 |
| Total expenses                                                                              |  -913 |  -982 | -687 |
| Cash used in:                                                                               |       |       |      |
| Operating activities                                                                        |   426 |   573 |  393 |
| Investment activities                                                                       |   582 |   672 |  555 |
| Total cash used                                                                             | 1,008 | 1,245 |  948 |
| (1) It includes amounts relating to economic unfeasibility of exploratory blocks (note 25). |       |       |      |

| 77 |

| INDEX |

In 2023 and 2022, Petrobras signed Terms of Conduct
Adjustment (TACs) with the ANP to offset local content fines related in 24 concessions in which Petrobras has a 100% interest and in 22
concessions in which Petrobras operates in partnership with other companies.

The TACs converted fines into investment commitments
in the Exploration and Production segment with local content, resulting in the closing of administrative proceedings, resulting in a US$
0.2 gain in 2024 due to the reversal of liabilities (a US$ 54 gain in 2023).

As of December 31, 2024, under the terms of the
agreement, Petrobras commits to investing US$ 160 (R$ 990) in local content by December 31, 2027.

Accounting policy for exploration and evaluation of