Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 98

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 98
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 the regulatory framework of the natural gas sector and established guidelines for the open market.
 The transportation of natural gas consists of a monopoly of the Brazilian federal government and may be exercised upon concession or authorization by companies incorporated under Brazilian law, with headquarters and administration in the country.
 In the power segment, we operate in generation and sale. In generation, we compete with third-party thermoelectric plants, as well as other generators with other energy sources (hydro, wind, solar). In terms of commercialization, we compete with other energy marketers and operate in the regulated market (power distributors) and free market (marketers and free consumers/large consumers). We have 140 clients and suppliers, of which 31 are distributors, 30 are marketing companies, ten are generating companies and 69 are free consumers. All contracts are registered at the Electricity Trading Chamber, a sector agent responsible for the settlement and accounting of these contracts.
  
Annual Report and Form 20-F 2024 |
Mergers and Acquisitions
 
We implement our Mergers and Acquisitions (“M&A”) strategy with the goal of identifying, analyzing and executing strategic opportunities. This approach aims to enhance market share in segments where we operate, establish operations in new segments (including those related to the energy transition), and generate value through integration and synergies.
 Our M&A strategy covers acquisitions, partnerships and divestments processes. We consider opportunities aligned with our Strategic Plan and Business Plan drivers, mainly regarding our long-term sustainability, profitability, and capital discipline.
 The governance for approving an M&A project observes robust governance standards that seek to align public administration principles with best market practices, comprising the following stages:
 
–                                 identification                             
    of strategic opportunities and inclusion of the project in our portfolio;
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–   non-binding
       stage;  
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–    binding  
    stage; and
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–    negotiation  
    and signature.
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 Approval from our Executive Board is required for each project to progress through each of the stages above. The approval of the Board of Directors is also necessary for binding stage and signatures.
 In 2024, we have disclosed, signed and completed the following projects:
 
–                                                on                                             
    April 25, 2024, we entered into a definitive agreement to transfer our entire interest held 
      in the Cherne and Bagre fields, located in the shallow waters in the Campos basin, state  
    of Rio de Janeiro, for a total amount of US$10 million. Completion of the sale is contingent
                                upon