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Impairment (Tables)
 12 Months Ended
Dec. 31, 2022
Impairment  
Schedule of impairment losses reversals
     
(Losses) / reversals 2022 2021 2020
Property, plant and equipment (1,163) 3,414 (7,342)
Intangible assets (1) 1 (12)
Assets classified as held for sale (151) (225) 15
Impairment losses (1,315) 3,190 (7,339)
Investments (6) 383 (514)
Net effect within the statement of income (1,321) 3,573 (7,853)
Losses (1,640) (654) (15,692)
Reversals 319 4,227 7,839
Schedule of Impairment Losses, Net of Reversals, Recognized Within Statement of Income
         
Asset or CGU by nature (*)

Carrying

amount

Recoverable amount (**) Impairment (losses) / reversals

Business

segment

 Comments
        2022
Property, plant and equipment and intangible assets          
Producing properties relating to oil and gas activities in Brazil (several CGUs) 8,307 7,747 (628) E&P item (a1)
Oil and gas production and drilling equipment in Brazil 486

7

 

 (478) E&P  item (b1)
Itaboraí utilities 919 777 (142) Gas &Power item (c)
Second refining unit in RNEST 792

882

 

 89 RT&M  item (d1)
Others     (5) Several  
      (1,164)    
        2021
Property, plant and equipment and intangible assets          
Producing properties relating to oil and gas activities in Brazil (several CGUs) 23,734 36,396 3,373 E&P item (a2)
Oil and gas production and drilling equipment in Brazil 250 - (250) E&P  item (b2)
Second refining unit in RNEST 404 767 359 RT&M  item (d2)
Others     (67) Several  
      3,415    
        2020
Property, plant and equipment and intangible assets          
Producing properties relating to oil and gas activities in Brazil (several CGUs) 42,421 40,511 (7,316) E&P item (a3)
Oil and gas production and drilling equipment in Brazil 120 − (119) E&P  item (b3)
Second refining unit in RNEST 410 388 (22) RT&M  item (d3)
Comperj 266 526 260 RT&M  item (e)
Corporate facilities 152 − (161) Corporate, others  item (f)
Others     2 Several  
      (7,354)    
(*) It only includes carrying amounts and recoverable amounts of impaired assets or assets for which reversals were recognized.
(**) The recoverable amounts of assets for impairment computation were their value in use, except for assets held for sale, for which is used fair value.
Schedule of assumptions for average Brent prices and Brazilian real/U.S. dollar average exchange rates
           
2023-2027 Strategic Plan 2023 2024 2025 2026 2027 Long term Average
Average Brent (US$/barrel) 85 80 75 70 65 55
Average Brazilian Real (excluding inflation) - Real /U.S. dollar exchange rate 5.02 5.00 5.00 4.97 4.88 4.76

 

 

At December 31, 2021, average Brent prices and Brazilian real/U.S. dollar average exchange rates used were:

2022-2026 Strategic Plan (*) 2022 2023 2024 2025 2026 Long term Average
Average Brent (US$/barrel) 72 65 60 55 55 55
Average Brazilian Real (excluding inflation) - Real /U.S. dollar exchange rate 5.40 5.33 5.19 5.15 5.14 5.08

 

 

At December 31, 2020, average Brent prices and Brazilian real/U.S. dollar average exchange rates used were:

2021-2025 Strategic Plan (*) 2021 2022 2023 2024 2025 Long term Average
Average Brent (US$/barrel) 45 45 50 50 50 50
Average Brazilian Real (excluding inflation) - Real /U.S. dollar exchange rate 5.50 4.69 4.46 4.28 4.07 3.76
Schedule of Post-tax discount rates, excluding inflation
   
Activity 12.31.2022 12.31.2021
Producing properties relating to oil and gas activities in Brazil 7.3% p.a. 6.4% p.a.
RT&M in Brazil – postponed projects 7.1% p.a. 6.2% p.a.
Gas utilities 5.7% p.a. 5.1% p.a.
Summary of Assets and CGU Most Sensitive to Future Impairment Losses
       
Potential impairment losses - 10% reduction in the recoverable amount

Business

segment

Carrying

amount

Recoverable amount Sensitivity
Asset with recoverable amount close to its carrying amount        
CGU Marlim Sul E&P 5,544 5,365 (179)
Assets with impairment losses        
Producing properties relating to oil and gas activities in Brazil (CGU Roncador) E&P 7,313 6,581 (732)
Second refining unit of RNEST RTC 882 794 (88)
Itaboraí utilities G&E 777 699 (78)
    14,516 13,439 (1,077)
         
Potential impairment reversals - 10% increase in the recoverable amount

Business

segment

Carrying

amount

Recoverable amount Sensitivity (*)
Assets with impairment losses        
Producing properties relating to oil and gas activities in Brazil (CGU Roncador) E&P 7,313 8,044 731
Second refining unit of RNEST RTC 882 970 88
Itaboraí utilities G&E 777 855 78
    8,972 9,869 897
(*) When calculating a 10% increase in the recoverable amount, the amount of impairment to be reversed is limited to the accumulated impairment of the CGU or to their recoverable amounts, whichever is lower.
Schedule of Impairment Losses, Net of Reversals, Recognized Within Statement of Income
       
Asset or CGU by nature (*)

Carrying

amount

Recoverable amount (**) Impairment (losses) / reversals

Business

segment
         
        2022
Producing properties relating to oil and gas activities 376 300 (116) E&P
Refinery and associated logistics assets 77 34 (44) RT&M
Others     9  
Total     (151)  
        2021
Thermoelectric power plants 91 12 (79) G&E
Investments in associates and joint ventures 107 44 (67) G&E
Oil and gas production and drilling equipment 47 - (46) E&P
Refineries and associated logistics assets 255 218 (37) RT&M
Others     4  
Total     (225)  
         
        2020
Producing properties relating to oil and gas activities − 279 67 E&P
Cartola and Ataulfo Alves vessels 80 19 (62) RT&M
Others     10  
Total     15  
(*) It only includes carrying amounts and recoverable amounts of impaired assets or assets for which reversals were recognized.
(**) The recoverable amounts of assets for impairment computation were their fair value.