Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 68

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 68
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 the qualification of D&amp;M’s technical person primarily responsible for overseeing our reserves evaluation,               
see Exhibit 99.1 to this annual report.                                                                                                               
For                                                                                                                                                   
a description of the risks relating to our reserves and our reserve estimates, see “Risks” in this annual report.                                     
Due                                                                                                                                                   
to Brazilian regulation, we also estimate our oil and gas reserves pursuant to the ANP and the SPE definitions. The differences between               
the reserves estimated according to the ANP/SPE definitions and those estimated according to SEC regulation are mainly due to different               
economic assumptions and the possibility of considering as reserves the volumes expected to be produced beyond the concession contract                
expiration date in fields in Brazil according to ANP reserves regulation.                                                                             

Annual Report and Form 20-F 2024 |

We discover new areas through exploratory activity. Such areas constitute our fields after the declaration of commerciality. We then prepare a development plan for each field. As projects achieve adequate maturity, Proved Reserves may be reported.
 Our fields’ Proved Reserves can be later increased with additional drilling, operational optimizations and improved recovery methods, such as water injection, among other activities.
 Our proved oil, condensate and natural gas reserves as of December 31, 2024 were estimated at 11,386 million boe. This estimate includes reserves related to our interest in equity method investees, which represents 0.1% of our reserves.
  PROVED RESERVES (1) (million boe)
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(1)              Apparent          
      differences in the sum of the
       numbers are due to rounding.
-----------------------------------
 
Oil and gas reserves quantities change yearly. Quantities included in our previous year’s reserves that are produced during the year are no longer reserves at year-end. Other factors, such as reservoir performance, revisions in oil prices, discoveries, extensions, purchases and sales of assets that occurred during the year, also influence year-end reserves quantities.
  
Annual Report and Form 20-F 2024 |
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PROVED RESERVES (1) (million boe)
  (1) Apparent differences in the sum of the numbers are due to rounding.
 (2) The 865 million boe production volume is the net volume withdrawn from our Proved Reserves. It therefore excludes NGL, as we estimate our oil and gas reserves at a reference point located prior