Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 28

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 28
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 prices, depreciation of the real, changes in financing conditions, such as deterioration of risk perception and interest rates for assets and projects, among other factors, may affect the original profitability estimates of our projects, which could imply impairment and adversely affect our results.
 
7) Risks related to the regulation of the sectors in which we are involved
 7.a) Divergences in interpretations and new legal and/or regulatory agency requirements in our sectors of operation may result in the need to increase investments, expenses and operating costs, and it may cause delays in production or even reduce the market for our products. 
 Our activities are subject to regulation and supervision by regulatory agencies, such as ANP, ANEEL, ANA, ANTAQ, ANVISA and ANM, as well as other agencies, such as CADE, ANPD, IBAMA, ICMBio, IPHAN and others in the Brazilian States and Municipalities. The following issues, among others, are subject to a regulatory regime overseen by Brazilian regulatory agencies:
 
–                                 market                              
    concentration along the natural gas and oil products value chains;
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–                             allocation                          
    of natural gas transportation costs among market participants;
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–             oil          
    product specifications;
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–                       percentage                    
    of mandatory addition of biofuels to fossil fuels;
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–              compliance           
    with local content requirements;
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–             procedures         
    for the unification of areas;
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–                            rules                         
    related to the monitoring and decommissioning of wells;
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–                                       definition                                    
    of reference prices for the calculation of royalties and government participation;
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–                               procedures                           
    for mandatory investment in research, development and innovation;
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–                             mediation/determination                          
    of allocation of handling capacity in pipelines and maritime terminals; and
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–                              requirements                           
    established within the scope of environmental licensing processes.
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 Regulatory changes considered unfavorable by the industry, as well as change or differences of interpretation between us and regulatory agencies may directly affect the technical and economic assumptions that guide our investment decisions and materially impact our results and financial condition. Furthermore, there are regulatory uncertainties with respect to low-carbon technologies and energy transition projects.
  
Annual Report and Form 20-F 2024 |

Legal changes may impact the markets for aviation fuels, diesel and gasoline, for example, with increased mandates for biofuels or the imposition of restrictions for internal combustion engines. The Brazilian legal frameworks related to the low-carbon economy and energy transition