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Provision for decommissioning costs | 12 Months Ended
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Dec. 31, 2023
Provision For Decommissioning Costs |
Provision for decommissioning costs |
20. | Provision for decommissioning costs
The following table details the amount of the provision for decommissioning costs by producing area:
Schedule of provision for decommissioning costs by producing area |  |
| 12.31.2023 | 12.31.2022
Onshore | 447 | 418
Shallow waters | 6,253 | 4,399
Deep and ultra-deep post-salt | 10,872 | 9,988
Pre-salt | 5,630 | 3,795
Total | 23,202 | 18,600
Changes in the provision for decommissioning costs are presented as follows:
Schedule of changes in the provision for decommissioning costs are presented |  |
Non-current liabilities | 2023 | 2022
Opening balance | 18,600 | 15,619
Adjustment to provision | 3,821 | 3,484
Transfers related to liabilities held for sale (1) | (339) | (1,258)
Use of provisions | (1,227) | (854)
Interest accrued | 837 | 476
Others | (8) | (5)
Translation adjustment | 1,519 | 1,138
Closing balance | 23,203 | 18,600
Current | 2,032 | −
Non-current | 21,171 | 18,600
Decommissioning projects in Brazil are relatively recent and present specifications that can turn them complex and challenging to comply with the requirements of the ANP, the Brazilian Navy, and the Brazilian Institute of Environment and Renewable Natural Resources (IBAMA). The better understanding of the regulatory environment, together with recent decommissioning practices adopted, have allowed the Company to align its Strategic Plan with this new reality, including the adoption of advanced Environmental Social and Governance (ESG) practices, such as the implementation of a green model for the disposal of its own floating platforms used in the decommissioning of platform P-32. The Company is approaching the moment when it will have to decommission various systems where oil and gas production has become unfeasible or assets have ended their useful life, as seen in the Marlim field revitalization project, which has led to the closure of several platforms in recent years. In 2023, several Facility Decommissioning Programs (PDI) related to this field were approved, with the majority concentrated in December. With the approved PDIs, the Company commits to executing the activities outlined in the programs. While there is no firm commitment regarding the execution timeline, it allows the Company to estimate with reasonable certainty the short-term portion of the provision for decommissioning costs, which is disclosed in the current liabilities. Even small variations in the discount rate can result in significant changes in the recognized value. The following table contains information about sensitivities in this key assumption:
Schedule of sensitivities in this key assumption |  |  |
Sensitivity to the discount rate (1) | Effects on provision for decommissioning costs | Effects on carrying amounts of assets | Effects on other income and expenses
Increase of 0.5 percentage points | (1,462) | (1,331) | (130)
Decrease of 0.5 percentage points | 1,615 | 1,486 | 130
(1) It includes liabilities held for sale. |  |  |
The transfer to liabilities held for sale refers to the register and revision of the provision associated with E&P assets in the divestment process and classified as assets held for sale. In 2023, it includes the provision established for the Uruguá group of fields (US$ 381) in Rio de Janeiro and the reduction of the provision related to the Pescada group of fields (US$ 41) in Rio Grande do Norte. In 2022, it refers to: the Potiguar groups of fields (US$ 551), in Rio Grande do Norte state; the Albacora Leste Field (US$ 490), in Rio de Janeiro; Golfinho and Camarupim (US$ 175) and Norte Capixaba (US$ 44) group of fields, in the state of Espírito Santo, as set out in note 31. The due date estimates for the obligations are presented below:
Schedule of due date estimates for the obligations |  |  |  |  |  |  |
Maturity | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 onwards | 12.31.2023
Provision for decommissioning costs | 2,032 | 2,095 | 2,031 | 2,283 | 1,952 | 12,810 | 23,203
Accounting policy for decommissioning costs The initial recognition of legal obligations to remove equipment and restore land or sea areas at the end of operations occurs after the declaration of commercial feasibility of an oil and gas field. The calculations of the cost estimates for future environmental removals and recoveries are complex and involve significant uncertainties (as set out in note 4.6). The estimates of decommissioning costs are reviewed annually based on current information on expected costs and recovery plans. When the revision of the estimates results in an increase in the provision for decommissioning costs, there is a corresponding increase in assets. Otherwise, if a decrease in the liability exceeds the carrying amount of the asset, the excess shall be recognized immediately in profit or loss, within other income and expenses.

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