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Disposal of assets and other transactions | 12 Months Ended
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Dec. 31, 2023
Disposal Of Assets And Other Transactions |
Disposal of assets and other transactions |
31. | Disposal of assets and other transactions
The major classes of assets and related liabilities classified as held for sale are shown in the following table:
Schedule of the major classes of assets and related liabilities classified as held for sale |  |  |  |
|  |  | 12.31.2023 | 12.31.2022
| E&P | Corporate and other businesses | Total | Total
Assets classified as held for sale |  |  |  |
Inventories | - | − | - | 21
Investments | - | − | - | -
Property, plant and equipment | 335 | − | 335 | 3,587
Total | 335 | − | 335 | 3,608
Liabilities on assets classified as held for sale |  |  |  |
Finance debt | - | 99 | 99 | 133
Provision for decommissioning costs | 442 | - | 442 | 1,332
Total | 442 | 99 | 541 | 1,465
31.1. | Sales pending closing at December 31, 2023
| a) | Urugua and Tambau fields
On December 21, 2023, the Company signed agreements with Enauta Energia S.A. for the sale of its entire interest in the Uruguá and Tambaú fields located in the Santos basin. The transaction amounts to up to US$ 35, corresponding to: (a) US$ 3 paid on the date of signing, (b) US$ 7 to be paid at the closing of the transaction, and (c) up to US$ 25 in contingent payments, depending on future Brent prices and events related to the development of the assets.
31.2. | Sales closed in 2023
Schedule of transactions pending closing are classified as held for sale |  |  |  |  |
Transaction | Acquirer | Signature date (S) Closing date (C) | Sale amount (1) (2) | Gain/ (loss) (3) | Further infor-mation
Sale of the Company's entire interest in Albacora Leste producing field, located in the Campos Basin | Petro Rio Jaguar Petróleo LTDA (PetroRio), a subsidiary of Petro Rio S.A. | April 2022 (S) January 2023 (C) | 1,947 | 604 | a
Sale of the Company's entire interest in a set of four onshore production fields, with integrated facilities, located in the state of Espírito Santo, jointly called Norte Capixaba cluster | Seacrest Petróleo SPE Norte Capixaba Ltda., a wholly-owned subsidiary of Seacrest Exploração e Produção de Petróleo Ltda. | February 2022 (S) April 2023 (C) | 485 | 352 | b
Sale of the Company's entire interest (100%) in a set of 22 production onshore and shallow water fields, together with their associated infrastructure, located in the Potiguar Basin, in the state of Rio Grande do Norte, jointly called Potiguar cluster | 3R Potiguar S.A., a wholly-owned subsidiary of 3R Petroleum Óleo e Gás S.A. | January 2022 (S) June 2023 (C) | 1,455 | 484 | c
Sale of the Company's entire interest in a set of maritime concessions called Golfinho and Camarupim groups of fields, in deep waters of the post-salt layer, located in the Espírito Santo Basin. | BW Energy Maromba do Brasil Ltda (BWE) | June 2022 (S) August 2023 (C) | 35 | (15) | d
Total |  |  | 3,922 | 1,425 |
(1) Value agreed on the signing date, plus price adjustments on the closing date, when provided for in the contract.
(2) The amount of "Proceeds from disposal of assets" in the Statement of Cash Flows is composed of amounts received this period, including installments of operations from previous years, and advances referring to operations not completed.
(3) Recognized in “Results on disposal/write-offs of assets” (note 11).
| a) | Sale of Albacora Leste field
The transaction was closed after the fulfillment of conditions precedent, with the receipt of US$ 1,635 (of which US$ 1,586 was received in cash and US$ 49 relates to sale of inventories, as provided for in the agreement), in addition to US$ 293 received at the transaction signing and to US$ 10 related to a final price adjustment as provided for in the contract. In addition, Petrobras is expected to receive up to US$ 250 in contingent payments provided for in the contract, depending on future Brent prices. Of this amount, the Company recognized US$ 58 as a receivable in 2023.
| b) | Sale of Norte Capixaba cluster
The transaction was closed with the receipt of US$ 427, including price adjustments provided for in the contract, in addition to US$ 36 received at the transaction signing. In addition, there is up to US$ 66 in contingent payments for Petrobras provided for in the contract, depending on future Brent prices, of which the Company recognized US$ 22 as a receivable in 2023.
| c) | Sale of Potiguar cluster
The transaction was closed with the receipt of US$ 1,100 in addition to US$ 110 received at the transaction signing, and to US$ 10 relating to a final price adjustment as provided for in the contract. The Company will also receive US$ 235 in 4 equal annual installments starting March 2024.
| d) | Sale of Golfinho and Camarupim groups of fields
The transaction was closed with the receipt of US$ 12, including price adjustments provided for in the contract, in addition to US$ 3 received at transaction signing. In addition, there is up to US$ 60 in contingent payments for Petrobras provided for in the contract, depending on future Brent prices and asset development. Of this amount, the Company recognized US$ 20 as a receivable in 2023.
31.3. | Transaction interrupted
On December 31, 2022, the main assets and liabilities classified as held for sale included the LUBNOR refinery and its associated logistics assets in the Ceará state. In November 2023, the sales contract was interrupted due to the failure of the acquirer to fulfill the conditions precedent within the deadline foreseen in the agreement. As a result, the assets and liabilities under the transaction are no longer classified as held for sale. Petrobras has returned the advance received, in the updated amount of US$ 3.
31.4. | Contingent assets from disposed investments and other transactions
Some disposed assets and other agreements provide for receipts subject to contractual clauses, especially related to the Brent variation in transactions related to E&P assets. The transactions that may generate revenue recognition, accounted for within other income and expenses, are presented below:
Schedule of contingent asset from disposal investments |  |  |  |  |  |
Transaction | Closing date | Contingent assets at the closing date | Assets recognized in 2023 | Assets recognized in previous periods | Balance of contingent assets as of December 31, 2023 |
Sales in previous years |  |  |  |  |  |
Riacho da Forquilha cluster | December 2019 | 62 | 30 | 28 | 4 |
Pampo and Enchova cluster | July 2020 | 650 | 15 | 180 | 455 |
Baúna field | November 2020 | 285 | 27 | 132 | 126 |
Miranga cluster | December 2021 | 85 | − | 55 | 30 |
Cricare cluster | December 2021 | 118 | − | 22 | 96 |
Peroá cluster | August 2022 | 43 | − | 10 | 33 |
Papa-Terra field | December 2022 | 90 | 1 | 15 | 74 |
Sales in the period |  |  |  |  |  |
Albacora Leste field | January 2023 | 250 | 10 | − | 240 |
Norte Capixaba cluster | April 2023 | 66 | 11 | − | 55 |
Golfinho and Camarupim groups of fields | August 2023 | 60 | − | − | 60 |
Surplus volume of the Transfer of Rights Agreement |  |  |  |  |  |
Sepia and Atapu | April 2022 | 5,244 | 43 | 693 | 4,508 |
Total |  | 6,953 | 137 | 1,135 | 5,681 |
31.5. | Cash flows from sales of equity interest with loss of control
In 2022, the Company disposed of its interest in certain subsidiaries over which control was lost. The following table summarizes cash flows arising from losing control in subsidiaries:
Schedule of cash flows from sales of interest with loss of control |  |  |
| Cash received | Cash in subsidiary before losing control | Net Proceeds
2022 |  |  |
Mataripe refinery (former RLAM) | 391 | (22) | 369
REMAN | 233 | (22) | 211
Total | 624 | (44) | 580
In 2023, there were no sales of equity interests resulting in loss of control. Accounting Policy for assets and liabilities held for sale Non-current assets, disposal groups and liabilities directly associated with those assets are classified as held for sale if their carrying amounts will, principally, be recovered through the sale transaction rather than through continuing use. The condition for classification as held for sale is met only when the sale is approved by the Company’s Board of Directors and the asset or disposal group is available for immediate sale in its present condition and there is the expectation that the sale will occur within 12 months after its classification as held for sale. However, an extended period required to complete a sale does not preclude an asset (or disposal group) from being classified as held for sale if the delay is caused by events or circumstances beyond the Company’s control and there is sufficient evidence that the Company remains committed to its plan to sell the assets (or disposal groups). Assets (or disposal groups) classified as held for sale and the associated liabilities are measured at the lower of their carrying amount and fair value less disposal expenses. Assets and liabilities are presented separately in the statement of financial position. In the classification of non-current assets as held for sale, provisions for decommissioning costs related to these assets are also disclosed. Any commitments with decommissioning assumed by the Company resulting from the sale process are recognized after the closing of the transaction, in accordance with the contractual terms. When a component of the Company is disposed of or classified as held for sale, and it represented a separate major line of business, the disposed interest is considered a discontinued operation. Thus, its net income and cash flows are presented in separate line items until the date of the closing of the operation.

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