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v3.23.1

Subsequent events (Tables) | 12 Months Ended
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Dec. 31, 2022
Subsequent Events |
Schedule of capitalized costs for oil and gas exploration and production activities |
Schedule of capitalized costs for oil and gas exploration and production activities |  |
| Consolidated entities |
|  | Abroad |  | Equity Method Investees
| Brazil | South America | Others | Total | Total
December 31, 2022 |  |  |  |  |  |
Unproved oil and gas properties | 4,227 | 55 | − | 55 | 4,282 | −
Proved oil and gas properties | 83,030 | 205 | − | 205 | 83,235 | 762
Support Equipment | 69,735 | 732 | 1 | 733 | 70,468 | −
Gross Capitalized costs | 156,993 | 992 | 1 | 993 | 157,986 | 762
Depreciation, depletion and amortization | (52,836) | (769) | (1) | (770) | (53,606) | (224)
Net capitalized costs | 104,156 | 223 | − | 223 | 104,380 | 538
December 31, 2021 |  |  |  |  |  |
Unproved oil and gas properties | 4,455 | 115 | - | 115 | 4,570 | -
Proved oil and gas properties | 80,523 | 172 | - | 172 | 80,695 | 832
Support Equipment | 67,988 | 777 | 1 | 778 | 68,766 | -
Gross Capitalized costs | 152,967 | 1,064 | 1 | 1,065 | 154,032 | 832
Depreciation, depletion and amortization | (51,621) | (733) | (1) | (734) | (52,355) | (296)
Net capitalized costs | 101,345 | 331 | - | 331 | 101,677 | 536
December 31, 2020 |  |  |  |  |  |
Unproved oil and gas properties | 17,438 | 112 | - | 112 | 17,550 | -
Proved oil and gas properties | 61,857 | 140 | - | 140 | 61,997 | 792
Support Equipment | 73,199 | 761 | 1 | 762 | 73,961 | -
Gross Capitalized costs | 152,494 | 1,013 | 1 | 1,014 | 153,508 | 792
Depreciation, depletion and amortization | (43,008) | (687) | (1) | (688) | (43,696) | (316)
Net capitalized costs | 109,486 | 326 | - | 326 | 109,812 | 476
[custom:DisclosureOfCostsIncurredInOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivitiesExplanatory] |
| Consolidated entities |
|  | Abroad |  | Equity Method Investees
| Brazil | South America | Total | Total
December 31, 2022 |  |  |  |  |
Acquisition costs: |  |  |  |  |
Proved | − | − | − | − | −
Unproved | 892 | − | − | 892 | −
Exploration costs | 707 | 51 | 51 | 758 | 1
Development costs | 6,883 | 31 | 31 | 6,914 | 30
Total | 8,482 | 82 | 82 | 8,564 | 31
December 31, 2021 |  |  |  |  |
Acquisition costs: |  |  |  |  |
Proved | − | − | − | − | −
Unproved | − | − | − | − | −
Exploration costs | 682 | 5 | 5 | 687 | −
Development costs | 6,035 | 44 | 44 | 6,079 | 37
Total | 6,717 | 49 | 49 | 6,766 | 37
December 31, 2020 |  |  |  |  |
Acquisition costs: |  |  |  |  |
Proved | 315 | − | − | 315 | −
Unproved | 24 | − | − | 24 | −
Exploration costs | 805 | 10 | 10 | 815 | −
Development costs | 5,664 | 3 | 3 | 5,667 | 57
Total | 6,808 | 13 | 13 | 6,821 | 57
Summary of the annual changes in the proved reserves of oil is as follows (in millions of barrels): |
Summary of the annual changes in the proved reserves of oil is as follows (in millions of barrels): |  |  |  |  |
| Consolidated Entities |  | Equity Method Investees |  |
Proved developed and undeveloped reserves(*) | Crude oil in Brazil | Crude Oil in South America | Synthetic Oil in Brazil | Consolidated Total |  | Crude Oil in North America | Crude Oil in Africa |  | Total
Reserves at December 31, 2019 | 8,083 | 1 | 8 | 8,092 |  | 23 | 42 |  | 8,156
Revisions of previous estimates | 269 | (1) | (7) | 261 |  | − | − |  | 261
Extensions and discoveries | 35 | − | − | 35 |  | − | − |  | 35
Improved Recovery | − | − | − | − |  | − | − |  | −
Sales of reserves | (61) | − | − | (61) |  | − | (41) |  | (102)
Purchases of reserves | − | − | − | − |  | − | − |  | −
Production for the year | (792) | − | (1) | (793) |  | (4) | (1) |  | (798)
Reserves at December 31, 2020 | 7,534 | − | − | 7,534 |  | 18 | − |  | 7,552
Extensions and discoveries | − | − | − | − |  | − | − |  | −
Revisions of previous estimates | 1,654 | 2 | 11 | 1,667 |  | 1 | − |  | 1,668
Sales of reserves | (9) | − | − | (9) |  | − | − |  | (9)
Production for the year | (773) | − | (1) | (774) |  | (3) | − |  | (777)
Reserves at December 31, 2021 | 8,406 | 2 | 10 | 8,419 |  | 17 | − |  | 8,435
Revisions of previous estimates | 1,705 | − | − | 1,705 |  | 3 | − |  | 1,708
Sales of reserves (1) | (455) | − | (10) | (465) |  | (1) | − |  | (465)
Production for the year | (748) | − | (1) | (749) |  | (3) | − |  | (752)
Reserves at December 31, 2022 | 8,908 | 2 | − | 8,910 |  | 16 | − |  | 8,926
Summary of of the annual changes in the proved reserves of natural gas is as follows (in billions of cubic feet): |
Summary of of the annual changes in the proved reserves of natural gas is as follows (in billions of cubic feet): |  |  |  |  |
| Consolidated Entities |  | Equity Method Investees |  |
Proved developed and undeveloped reserves (*) | Natural Gas in Brazil | Natural Gas in South America | Synthetic Gas in Brazil | Consolidated Total |  | Gas Natural in North America | Gas Natural in Africa |  | Total
Reserves at December 31, 2019 | 8,381 | 156 | 12 | 8,549 |  | 9 | 47 |  | 8,605
Revisions of previous estimates | (93) | (119) | (11) | (222) |  | − | − |  | (222)
Extensions and discoveries | 36 | − | − | 36 |  | − | − |  | 36
Improved Recovery | − | − | − | − |  | − | − |  | −
Sales of reserves | (42) | − | − | (42) |  | − | (47) |  | (90)
Purchases of reserves | − | − | − | − |  | − | − |  | −
Production for the year | (735) | (12) | (1) | (749) |  | (2) | − |  | (750)
Reserves at December 31, 2020 | 7,547 | 26 | − | 7,572 |  | 8 | − |  | 7,580
Extensions and discoveries | − | − | − | − |  | − | − |  | −
Revisions of previous estimates | 1,615 | 167 | 19 | 1,802 |  | − | − |  | 1,802
Sales of reserves | (15) | − | − | (15) |  | − | − |  | (15)
Production for the year | (692) | (16) | (1) | (709) |  | (1) | − |  | (710)
Reserves at December 31, 2021 | 8,455 | 177 | 18 | 8,650 |  | 7 | − |  | 8,657
Revisions of previous estimates | 1,667 | 16 | − | 1,682 |  | − | − |  | 1,682
Sales of reserves (1) | (408) | − | (17) | (425) |  | (1) | − |  | (425)
Production for the year | (626) | (20) | (1) | (647) |  | (1) | − |  | (648)
Reserves at December 31, 2022 | 9,088 | 173 | − | 9,261 |  | 6 | − |  | 9,267
Summary of information about the changes in total proved reserves of crude oil and natural gas, in millions of barrels of oil equivalent, in our consolidated entities and equity method |
Summary of information about the changes in total proved reserves of crude oil and natural gas, in millions of barrels of oil equivalent, in our consolidated entities and equity method |  |  |  |  |
| Consolidated Entities |  | Equity Method Investees |  |
Proved developed and undeveloped reserves(*) | Oil equivalent in Brazil | Oil equivalent in South America | Synthetic Oil in Brazil | Consolidated Total |  | Oil equivalent in North America | Oil equivalent in Africa |  | Total
Reserves at December 31, 2019 | 9,480 | 27 | 10 | 9,517 |  | 24 | 49 |  | 9,590
Revisions of previous estimates | 253 | (21) | (9) | 224 |  | − | − |  | 224
Extensions and discoveries | 41 | − | − | 41 |  | − | − |  | 41
Improved Recovery | − | − | − | − |  | − | − |  | −
Sales of reserves | (68) | − | − | (68) |  | − | (49) |  | (117)
Purchases of reserves | − | − | − | − |  | − | − |  | −
Production for the year | (914) | (2) | (1) | (918) |  | (5) | (1) |  | (923)
Reserves at December 31, 2020 | 8,792 | 5 | − | 8,796 |  | 19 | − |  | 8,816
Extensions and discoveries | − | − | − | − |  | 1 | − |  | 1
Revisions of previous estimates | 1,923 | 30 | 14 | 1,967 |  | 2 | − |  | 1,969
Sales of reserves | (11) | − | − | (11) |  | − | − |  | (11)
Production for the year | (888) | (3) | (1) | (892) |  | (3) | − |  | (896)
Reserves at December 31, 2021 | 9,816 | 31 | 13 | 9,860 |  | 18 | − |  | 9,878
Revisions of previous estimates | 1,983 | 3 | − | 1,986 |  | 3 | − |  | 1,988
Sales of reserves (1) | (523) | − | (12) | (536) |  | (1) | − |  | (536)
Production for the year | (852) | (4) | (1) | (857) |  | (3) | − |  | (860)
Reserves at December 31, 2022 | 10,423 | 31 | − | 10,453 |  | 17 | − |  | 10,470
[custom:DisclosureOfSupplementaryInformationOnOilAndGasExplorationProductionOfNetProvedDevelopedAndUndevelopedReservesExplanatory] |
Schedule of volumes of proved developed and undeveloped reserves |
| 2020
| Crude Oil | Synthetic Oil | Natural Gas | Synthetic Gas | Total oil and gas
| (mmbbl) | (bncf) | (mmboe)
Net proved developed reserves (*): |  |  |  |  |
Consolidated Entities |  |  |  |  |
Brazil | 4,858 | − | 5,714 | − | 5,810
South America, outside Brazil (1) | − | − | 26 | − | 5
Total Consolidated Entities | 4,858 | − | 5,740 | − | 5,814
Equity Method Investees |  |  |  |  |
North America (1) | 17 | − | 7 | − | 18
Total Equity Method Investees | 17 | − | 7 | − | 18
Total Consolidated and Equity Method Investees | 4,875 | − | 5,747 | − | 5,833
Net proved undeveloped reserves (*): |  |  |  |  |
Consolidated Entities |  |  |  |  |
Brazil | 2,676 | − | 1,833 | − | 2,982
South America, outside Brazil (1) | − | − | − | − | −
Total Consolidated Entities | 2,676 | − | 1,833 | − | 2,982
Equity Method Investees |  |  |  |  |
North America (1) | 1 | − | 1 | − | 1
Total Equity Method Investees | 1 | − | 1 | − | 1
Total Consolidated and Equity Method Investees | 2,678 | − | 1,833 | − | 2,983
Total proved reserves (developed and undeveloped) | 7,552 | − | 7,580 | − | 8,816
(1) South America oil reserves includes 21% of natural gas liquid (NGL) in proved developed reserves. North America oil reserves includes 6% of natural gas liquid (NGL) in proved developed reserves and 5% of NGL in proved undeveloped reserves.
(*) Apparent differences in the sum of the numbers are due to rounding off.
| 2021
| Crude Oil | Synthetic Oil | Natural Gas | Synthetic Gas | Total oil and gas
| (mmbbl) | (bncf) | (mmboe)
Net proved developed reserves (*): |  |  |  |  |
Consolidated Entities |  |  |  |  |
Brazil | 4,711 | 10 | 5,591 | 18 | 5,656
South America, outside Brazil (1) | 1 | − | 79 | − | 14
Total Consolidated Entities | 4,712 | 10 | 5,669 | 18 | 5,670
Equity Method Investees |  |  |  |  |
North America (1) | 15 | − | 6 | − | 16
Total Equity Method Investees | 15 | − | 6 | − | 16
Total Consolidated and Equity Method Investees | 4,727 | 10 | 5,675 | 18 | 5,686
Net proved undeveloped reserves (*): |  |  |  |  |
Consolidated Entities |  |  |  |  |
Brazil | 3,695 | − | 2,865 | − | 4,173
South America, outside Brazil (1) | 1 | − | 98 | − | 17
Total Consolidated Entities | 3,696 | − | 2,963 | − | 4,190
Equity Method Investees |  |  |  |  |
North America (1) | 2 | − | 1 | − | 2
Total Equity Method Investees | 2 | − | 1 | − | 2
Total Consolidated and Equity Method Investees | 3,698 | − | 2,964 | − | 4,192
Total proved reserves (developed and undeveloped) | 8,425 | 10 | 8,639 | 18 | 9,878
(1) South America oil reserves includes 24% of natural gas liquid (NGL) in proved developed reserves and 24% of NGL in proved undeveloped reserves. North America oil reserves includes 2% of natural gas liquid (NGL) in proved developed reserves and 3% of NGL in proved undeveloped reserves.
(*) Apparent differences in the sum of the numbers are due to rounding off.
| 2022
| Crude Oil | Synthetic Oil | Natural Gas | Synthetic Gas | Total oil and gas
| (mmbbl) | (bncf) | (mmboe)
Net proved developed reserves (*): |  |  |  |  |
Consolidated Entities |  |  |  |  |
Brazil | 4,185 | − | 5,447 | − | 5,093
South America, outside Brazil (1) | 1 | − | 91 | − | 16
Total Consolidated Entities | 4,186 | − | 5,538 | − | 5,109
Equity Method Investees |  |  |  |  |
North America (1) | 14 | − | 5 | − | 15
Total Equity Method Investees | 14 | − | 5 | − | 15
Total Consolidated and Equity Method Investees | 4,200 | − | 5,543 | − | 5,124
Net proved undeveloped reserves (*): |  |  |  |  |
Consolidated Entities |  |  |  |  |
Brazil | 4,723 | − | 3,641 | − | 5,330
South America, outside Brazil (1) | 1 | − | 82 | − | 14
Total Consolidated Entities | 4,724 | − | 3,723 | − | 5,345
Equity Method Investees |  |  |  |  |
North America (1) | 2 | − | 1 | − | 2
Total Equity Method Investees | 2 | − | 1 | − | 2
Total Consolidated and Equity Method Investees | 4,726 | − | 3,724 | − | 5,347
Total proved reserves (developed and undeveloped) | 8,926 | − | 9,267 | − | 10,470
(1) South America oil reserves includes 24% of natural gas liquid (NGL) in proved developed reserves and 24% of NGL in proved undeveloped reserves. North America oil reserves includes 2% of natural gas liquid (NGL) in proved developed reserves and 4% of NGL in proved undeveloped reserves.
(*) Apparent differences in the sum of the numbers are due to rounding off
Standardized measure of discounted future net cash flows: |
Standardized measure of discounted future net cash flows: |  |  |
| Consolidated entities | Equity Method Investees
| Brazil | South America | Total
December 31, 2022 |  |  |  |
Future cash inflows | 983,826 | 837 | 984,663 | 1,581
Future production costs | (399,655) | (357) | (400,012) | (273)
Future development costs | (62,548) | (128) | (62,676) | (21)
Future income tax expenses | (178,412) | (88) | (178,500) | −
Undiscounted future net cash flows | 343,211 | 264 | 343,475 | 1,287
10 percent midyear annual discount for timing of estimated cash flows (1) | (151,828) | (124) | (151,951) | (401)
Standardized measure of discounted future net cash flows | 191,383 | 141 | 191,524 | 886
December 31, 2021 |  |  |  |
Future cash inflows | 612,924 | 587 | 613,511 | 1,129
Future production costs | (264,158) | (261) | (264,419) | (329)
Future development costs | (44,027) | (107) | (44,134) | (28)
Future income tax expenses | (104,568) | (61) | (104,628) | −
Undiscounted future net cash flows | 200,171 | 159 | 200,330 | 772
10 percent midyear annual discount for timing of estimated cash flows (1) | (85,391) | (70) | (85,461) | (303)
Standardized measure of discounted future net cash flows | 114,780 | 89 | 114,869 | 470
December 31, 2020 |  |  |  |
Future cash inflows | 333,248 | 69 | 333,317 | 667
Future production costs | (182,534) | (51) | (182,585) | (465)
Future development costs | (31,236) | (16) | (31,252) | (48)
Future income tax expenses | (46,862) | − | (46,862) | (79)
Undiscounted future net cash flows | 72,616 | 2 | 72,618 | 75
10 percent midyear annual discount for timing of estimated cash flows (1) | (26,638) | − | (26,638) | (1)
Standardized measure of discounted future net cash flows | 45,978 | 1 | 45,979 | 74
[custom:DisclosureOfStandardizedMeasureOfDiscountedFutureNetCashFlowProjectionsExplanatory] |
Schedule of changes in discounted net future cash flows |  |  |
| Consolidated entities | Equity Method Investees
| Brazil | South America | Total
Balance at January 1, 2022 | 114,780 | 89 | 114,869 | 470
Sales and transfers of oil and gas, net of production cost | (54,230) | (62) | (54,291) | (235)
Development cost incurred | 6,883 | 31 | 6,913 | 29
Net change due to purchases and sales of minerals in place | (17,030) | − | (17,030) | −
Net change due to extensions, discoveries and improved recovery related costs | − | − | − | 10
Revisions of previous quantity estimates | 64,535 | 17 | 64,553 | 82
Net change in prices, transfer prices and in production costs | 129,462 | 122 | 129,584 | 349
Changes in estimated future development costs | (23,317) | (39) | (23,356) | (4)
Accretion of discount | 11,478 | 14 | 11,492 | 93
Net change in income taxes | (41,178) | (17) | (41,194) | −
Other - unspecified | − | (15) | (15) | 92
Balance at December 31, 2022 | 191,383 | 141 | 191,524 | 886
Balance at January 1, 2021 | 45,978 | 1 | 45,979 | 74
Sales and transfers of oil and gas, net of production cost | (38,074) | (43) | (38,117) | (177)
Development cost incurred | 6,035 | 44 | 6,079 | 37
Net change due to purchases and sales of minerals in place | (246) | − | (246) | −
Net change due to extensions, discoveries and improved recovery related costs | − | − | − | 10
Revisions of previous quantity estimates | 41,211 | 205 | 41,416 | 30
Net change in prices, transfer prices and in production costs | 108,268 | 58 | 108,326 | 401
Changes in estimated future development costs | (19,900) | (119) | (20,019) | 3
Accretion of discount | 4,598 | − | 4,598 | 49
Net change in income taxes | (33,089) | (47) | (33,136) | 48
Other - unspecified | − | (9) | (9) | (7)
Balance at December 31, 2021 | 114,780 | 89 | 114,869 | 470
Balance at January 1, 2020 | 88,121 | 69 | 88,190 | 1,412
Sales and transfers of oil and gas, net of production cost | (24,908) | (14) | (24,922) | (94)
Development cost incurred | 5,664 | 3 | 5,666 | 57
Net change due to purchases and sales of minerals in place | (847) | − | (847) | (1,047)
Net change due to extensions, discoveries and improved recovery related costs | 509 | − | 509 | −
Revisions of previous quantity estimates | 3,160 | (35) | 3,125 | (10)
Net change in prices, transfer prices and in production costs | (54,606) | (145) | (54,751) | (375)
Changes in estimated future development costs | (4,716) | 97 | (4,618) | 67
Accretion of discount | 8,812 | 9 | 8,821 | 12
Net change in income taxes | 24,788 | 24 | 24,812 | 51
Other - unspecified | - | (7) | (7) | 1
Balance at December 31, 2020 | 45,978 | 1 | 45,979 | 74
Apparent differences in the sum of the numbers are due to rounding off.

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