Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000670
Chunk: 111

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 111
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2, Petrobras signed, with the ANP,
a Term of Conduct Adjustment (TAC) to offset local content fines related to 24 concessions in which Petrobras has a 100% interest and
22 concessions in which Petrobras operates in partnership with other concessionaires.

The TAC converted fines into E&P investment
commitments with local content, resulting in the termination of administrative proceedings and the reversal of liabilities in the amount
of R$1 in 2024 (R$266 in 2023).

On December 31, 2024, under these agreements, Petrobras
is committed to invest R$990 in local content by December 31, 2027.

Accounting policy for exploration and evaluation of oil and gas reserves

The costs incurred in connection with the
exploration, appraisal and development of crude oil and natural gas production are accounted for using the successful efforts method of
accounting, as set out below:

| · | geological and geophysical costs related to exploration                                                                               
 and appraisal activities incurred until economic and technical feasibility are demonstrated are immediately recognized as an expense; |

| · | amounts paid for obtaining concessions for exploration                                                                                       
 of crude oil and natural gas (capitalized acquisition costs) are initially capitalized as intangible assets and are transferred to property, 
 plant and equipment once the technical and commercial feasibility are demonstrated. More information on intangible assets accounting policy, 
 see note 24;                                                                                                                                 |

| · | costs directly attributable to exploratory wells,                                                                                              
 including their equipment, installations and other costs necessary to identify the technical and commercial feasibility, pending determination 
 of proved reserves, are capitalized within property, plant and equipment. In some cases, exploratory wells have discovered oil and gas         
 reserves, but at the moment the well drilling is completed they are not yet able to be classified as proved. In such cases, the expenses       
 continue to be capitalized if the well has found a sufficient quantity of reserves to justify its completion as a producing well and progress  
 on assessing the reserves and the technical and commercial feasibility of the project is under way (for more information see note 26.1);       |

| · | an internal commission of technical executives of                                                                                         
 the Company reviews monthly these conditions for each well, by analysis of geoscience and engineering data, existing economic conditions, 
 operating methods and government regulations (for more information see note 4.1);                                                         |

| 79 |

| NOTES TO THE FINANCIAL STATEMENTSPETROBRAS(In millions of reais,