Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000670
Chunk: 8

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 8
---
 of extracting a mineral resource is determined requires management judgments. An internal commission of technical executives
of the Company periodically reviews the conditions of each well, by analysis of geological, geophysical and engineering data, as well
as economic conditions, operating methods and government regulations.

The Company considers that the technical and commercial
feasibility of a mineral resource can be demonstrated when the project has all the necessary information to characterize the reservoir
as a proved reserve. Costs associated with non-commercial mineral resources are recognized as expenses in the period when identified.

According to the definitions prescribed by the
SEC, proved oil and natural gas reserves are those quantities of oil and gas which, 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. | Main 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). A significant number of interdependent variables are derived from these key assumptions and
there is a high degree of complexity in their application in determining value in use for impairment testing. Value in use is the present
value of expected future cash flows expected to arise from an asset or cash-generating unit.

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