Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 206

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 206
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 for each commercial discovery, the consortia are entitled to receive, on a monthly basis, their share of “profit oil” as defined under the Production Sharing Contracts.
 Duration:
 The term of the Production Sharing Contracts is 35 years.
 Phases:
 Our activities under the Production Sharing Contracts are divided into two phases, as follows:
 Exploration phase. This phase comprises appraisal activities for purposes of determining the commerciality of any discoveries of crude oil and natural gas. The exploration phase begins upon the execution of the Production Sharing Contracts and will end for each discovery upon the declaration of commerciality. We will have four years (which may be extended upon the ANP’s prior approval) to comply with the minimum work program and other ANP-approved activities provided for in the Production Sharing Contracts. Production Phase. The production phase for each particular discovery begins as of the date of the declaration of commerciality by the consortia to the ANP, and lasts until the termination of the Production Sharing Contracts. It comprises a development period, during which we will carry out activities pursuant to a development plan approved by the ANP.

Annual Report and Form 20-F 2024 |

Minimum work program:
 During the exploration phase, we are required to undertake a minimum work program, as specified in the Production Sharing Contracts. We may perform other activities outside the scope of the minimum work program, provided that such activities are approved by the ANP.
 Unitization:
 A reservoir covered by a block granted to us in the Production Sharing Contracts may extend to adjacent areas outside the block. In such case, we must notify the ANP immediately after identifying the extension and we will be prevented from performing development and production activities within such block, until we have negotiated unitization agreement with the third-party concessionaire or contractor who has rights over such adjacent area, unless otherwise authorized by the ANP. The ANP will determine the deadline for the execution of unitization agreement by the parties. If the adjacent area is not licensed (i.e., not granted for E&P activities to any other party), the Brazilian federal government, represented by PPSA or by the ANP, shall negotiate with us.
 In compliance with regulatory requirements, the unitization agreements of the shared reservoirs of Atapu and Sépia were signed on April 27, 2022. As a result, we are the operator of the Units.
 Environmental:
 We are required to preserve the environment and protect the ecosystem in the area subject to the Production Sharing Contracts and to avoid harming local fauna, flora and natural resources. We