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Supplementary information on Oil and Gas Exploration and Production (unaudited) (Tables)
 12 Months Ended
Dec. 31, 2023
Supplementary Information On Oil And Gas Exploration And Production  
Schedule of capitalized costs for oil and gas exploration and production activities
           
  Consolidated entities  
  Brazil Abroad Total

Equity

Method

Investees

   

South

America

 Others Total  
December 31, 2023            
Unproved oil and gas properties 3,764 61 − 61 3,825 −
Proved oil and gas properties 82,396 243 − 243 82,639 607
Support Equipment 103,285 758 1 759 104,044 −
Gross Capitalized costs 189,444 1,062 1 1,063 190,507 607
Depreciation, depletion and amortization (63,003) (811) (1) (812) (63,815) (289)
Net capitalized costs 126,442 251 − 251 126,692 318
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
Schedule of costs incurred in oil and gas property acquisition, exploration and development activities
         
  Consolidated entities  
  Brazil Abroad Total

Equity

Method

Investees

   

South

America

 Total  
December 31, 2023          
Acquisition costs:          
Proved − − − − −
Unproved 146 − − 146 −
Exploration costs 862 11 11 873 10
Development costs 10,929 53 53 10,982 37
Total 11,937 64 64 12,001 47
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
Schedule of extractive activities, oil and gas, income taxes are based on statutory tax rates, reflecting allowable deductions
             
  Consolidated entities

Equity

Method

Investees

  Brazil Abroad Total
   

South

America

North

America

 Others Total  
December 31, 2023              
Net operation revenues:              
Sales to third parties 631 136 − − 136 767 159
Intersegment 66,113 − − − − 66,113 −
  66,744 136 − − 136 66,880 159
Production costs (16,946) (63) − − (63) (17,009) (36)
Exploration expenses (981) (1) − − (1) (982) −
Depreciation, depletion and amortization (10,186) (44) − − (44) (10,230) (26)
Impairment of oil and gas properties (2,105) − − − − (2,105) (75)
Other operating expenses (2,504) (15) (8) (1) (24) (2,528) (25)
Results before income tax expenses 34,023 12 (8) (1) 3 34,026 (3)
Income tax expenses (11,568) (4) 3 1 (1) (11,569) −

Results of operations (excluding corporate

overhead and interest costs)

 22,455 8 (5) (1) 2 22,457 (3)
December 31, 2022              
Net operation revenues:              
Sales to third parties 1,153 158 − − 158 1,311 275
Intersegment 76,579 − − − − 76,579 −
  77,732 158 − − 158 77,890 275
Production costs (19,975) (75) − − (75) (20,050) (41)
Exploration expenses (719) (168) − − (168) (887) −
Depreciation, depletion and amortization (10,373) (42) − − (42) (10,415) (42)
Impairment of oil and gas properties (1,216) (2) − − (2) (1,218) −
Other operating expenses 3,000 (1) (8) 21 12 3,012 (22)
Results before income tax expenses 48,449 (130) (8) 21 (117) 48,332 170
Income tax expenses (16,474) 44 − (3) 41 (16,433) −

Results of operations (excluding corporate

overhead and interest costs)

 31,975 (86) (8) 19 (76) 31,899 170
December 31, 2021              
Net operation revenues:              
Sales to third parties 974 131 − − 131 1,105 220
Intersegment 54,479 − − − − 54,479 −
  55,453 131 − − 131 55,584 220
Production costs (14,601) (67) − − (67) (14,668) (44)
Exploration expenses (685) (2) − − (2) (687) −
Depreciation, depletion and amortization (8,959) (46) − − (46) (9,005) (38)
Impairment of oil and gas properties 3,107 − − − − 3,107 −
Other operating expenses 809 15 114 (118) 11 820 (17)
Results before income tax expenses 35,124 31 114 (118) 27 35,151 121
Income tax expenses (11,984) (11) − 43 33 (11,951) −

Results of operations (excluding corporate

overhead and interest costs)

 23,141 20 114 (75) 59 23,200 121
Schedule of summary of the annual changes in the proved reserves of oil
               
  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

   Total
At January 1, 2023 8,908 2 − 8,910   16   8,926
Extensions and discoveries 95 − − 95   −   95
Revisions of previous estimates 1,140 − − 1,140   2   1,142
Sales of reserves (147) − − (147)   −   (147)
Production for the year (786) − − (786)   (2)   (789)
Reserves at December 31, 2023 9,210 2 − 9,212   16   9,228
At January 1, 2022 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
At January 1, 2021 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
(1) Includes the effects of the write-offs related to the Co-Participation Agreements of Atapu and Sepia fields.
(*) Apparent differences in the sum of the numbers are due to rounding.
In 2023, we standardized the conversion between gas and oil equivalent to 5,614.65 ft3 = 1 boe, which is equivalent to the conversion used in contracts in Brazil. Quantities from previous years were restated with the new conversion.
Schedule of summary of the annual changes in the proved reserves of natural gas
               
  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  

Natural Gas in North

America

   Total
At January 1, 2023 8,504 173 − 8,677   6   8,683
Extensions and discoveries 779 15 − 794   −   794
Revisions of previous estimates 673 (5) − 668   1   669
Sales of reserves (47) − − (47)   −   (47)
Production for the year (573) (20) − (594)   (1)   (595)
Reserves at December 31, 2023 9,335 163 − 9,498   7   9,504
At January 1, 2022 7,912 177 17 8,106   7   8,113
Revisions of previous estimates 1,560 16 − 1,575   −   1,575
Sales of reserves (1) (382) − (15) (397)   (1)   (398)
Production for the year (586) (20) (1) (606)   (1)   (607)
Reserves at December 31, 2022 8,504 173 − 8,677   6   8,683
At January 1, 2021 7,062 26 − 7,088   8   7,095
Extensions and discoveries − − − −   −   −
Revisions of previous estimates 1,512 167 18 1,697   −   1,697
Sales of reserves (14) − − (14)   −   (14)
Production for the year (647) (16) (1) (664)   (1)   (666)
Reserves at December 31, 2021 7,912 177 17 8,106   7   8,113
(1) Includes the effects of the write-offs related to the Co-Participation Agreements of Atapu and Sepia fields.
(*) Apparent differences in the sum of the numbers are due to rounding.
In 2023, we standardized the conversion between gas and oil equivalent to 5,614.65 ft3 = 1 boe, which is equivalent to the conversion used in contracts in Brazil. Quantities from previous years were restated with the new conversion.
Schedule 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 investees
               
  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

   Total
At January 1, 2023 10,423 33 − 10,455   17   10,473
Extensions and discoveries 233 3 − 236   −   237
Revisions of previous estimates 1,260 (1) − 1,259   2   1,262
Sales of reserves (155) − − (155)   −   (155)
Production for the year (888) (4) − (892)   (2)   (894)
Reserves at December 31, 2023 10,873 31 − 10,904   17   10,921
At January 1, 2022 9,816 33 13 9,862   18   9,880
Revisions of previous estimates 1,983 3 − 1,986   3   1,989
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 33 − 10,455   17   10,473
At January 1, 2021 8,792 5 − 8,797   19   8,816
Extensions and discoveries − − − −   1   1
Revisions of previous estimates 1,923 32 14 1,969   2   1,971
Sales of reserves (11) − − (11)   −   (11)
Production for the year (888) (3) (1) (892)   (3)   (896)
Reserves at December 31, 2021 9,816 33 13 9,862   18   9,880
(1) Includes the effects of the write-offs related to the Co-Participation Agreements of Atapu and Sepia fields.
(*) Apparent differences in the sum of the numbers are due to rounding.
In 2023, we standardized the conversion between gas and oil equivalent to 5,614.65 ft3 = 1 boe, which is equivalent to the conversion used in contracts in Brazil. Quantities from previous years were restated with the new conversion.
Schedule of volumes of proved developed and undeveloped reserves
         
  2023
  Crude Oil Synthetic Oil Natural Gas Synthetic Gas Total oil and gas
  (mmbbl) (bncf) (mmboe)
Net proved developed reserves (*):          
Consolidated Entities          
Brazil 4,710 − 5,522 − 5,694
South America, outside Brazil (1) 1 − 92 − 17
Total Consolidated Entities 4,711 − 5,614 − 5,711
Equity Method Investees          
North  America (1) 14 − 6 − 15
Total Equity Method Investees 14 − 6 − 15
Total developed Consolidated and Equity Method Investees 4,726 − 5,620 − 5,727
Net proved undeveloped reserves (*):          
Consolidated Entities          
Brazil 4,500 − 3,814 − 5,179
South America, outside Brazil (1) 1 − 70 − 13
Total Consolidated Entities 4,501 − 3,884 − 5,193
Equity Method Investees          
North  America (1) 2 − 1 − 2
Total Equity Method Investees 2 − 1 − 2
Total undeveloped Consolidated and Equity Method Investees 4,503 − 3,885 − 5,194
Total proved reserves (developed and undeveloped) 9,228 − 9,504 − 10,921
(1) South America oil reserves includes 25% of natural gas liquid (NGL) in proved developed reserves and 26% of NGL in proved undeveloped reserves. North America oil reserves includes 6% of natural gas liquid (NGL) in proved developed reserves and 7% of NGL in proved undeveloped reserves.
(*) Apparent differences in the sum of the numbers are due to rounding.
In 2023, we standardized the conversion between gas and oil equivalent to 5,614.65 ft3 = 1 boe, which is equivalent to the conversion used in contracts in Brazil. Quantities from previous years were restated with the new conversion.

 

 

  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 − 5,097 − 5,093
South America, outside Brazil (1) 1 − 91 − 17
Total Consolidated Entities 4,186 − 5,188 − 5,110
Equity Method Investees          
North  America (1) 14 − 5 − 15
Total Equity Method Investees 14 − 5 − 15
Total developed Consolidated and Equity Method Investees 4,200 − 5,193 − 5,125
Net proved undeveloped reserves  (*):          
Consolidated Entities          
Brazil 4,723 − 3,407 − 5,330
South America, outside Brazil (1) 1 − 82 − 15
Total Consolidated Entities 4,724 − 3,489 − 5,346
Equity Method Investees          
North  America (1) 2 − 1 − 2
Total Equity Method Investees 2 − 1 − 2
Total undeveloped Consolidated and Equity Method Investees 4,726 − 3,490 − 5,348
Total proved reserves (developed and undeveloped) 8,926 − 8,683 − 10,473
(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.
In 2023, we standardized the conversion between gas and oil equivalent to 5,614.65 ft3 = 1 boe, which is equivalent to the conversion used in contracts in Brazil. Quantities from previous years were restated with the new conversion.

 

 

  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 5,232 17 5,656
South America, outside Brazil (1) 1 − 79 − 15
Total Consolidated Entities 4,712 10 5,310 17 5,671
Equity Method Investees          
North  America (1) 15 − 6 − 16
Total Equity Method Investees 15 − 6 − 16
Total developed Consolidated and Equity Method Investees 4,727 10 5,316 17 5,687
Net proved undeveloped reserves  (*):          
Consolidated Entities          
Brazil 3,695 − 2,681 − 4,173
South America, outside Brazil (1) 1 − 98 − 18
Total Consolidated Entities 3,696 − 2,779 − 4,191
Equity Method Investees          
North  America (1) 2 − 1 − 2
Total Equity Method Investees 2 − 1 − 2
Total undeveloped Consolidated and Equity Method Investees 3,698 − 2,780 − 4,193
Total proved reserves (developed and undeveloped) 8,425 10 8,096 17 9,880
(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.
In 2023, we standardized the conversion between gas and oil equivalent to 5,614.65 ft3 = 1 boe, which is equivalent to the conversion used in contracts in Brazil. Quantities from previous years were restated with the new conversion.
Schedule of standardized measure of discounted future net cash flows
       
  Consolidated entities

Equity

Method

Investees

    Abroad  
  Brazil

South

America

 Total
December 31, 2023        
Future cash inflows 819,428 650 820,078 1,213
Future production costs (348,787) (354) (349,142) (191)
Future development costs (64,121) (113) (64,235) (13)
Future income tax expenses (140,774) (43) (140,818) −
Undiscounted future net cash flows 265,745 139 265,884 1,009
10 percent midyear annual discount for timing of estimated cash flows (1) (120,216) (46) (120,262) (319)
Standardized measure of discounted future net cash flows 145,529 93 145,622 691
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
(1) Semiannual capitalization
Apparent differences in the sum of the numbers are due to rouding.
Schedule of changes in discounted net future cash flows
       
  Consolidated entities

Equity

Method

Investees

    Abroad  
  Brazil

South

America

 Total
Balance at January 1, 2023 191,383 141 191,524 886
Sales and transfers of oil and gas, net of production cost (49,797) (54) (49,851) (123)
Development cost incurred 10,929 53 10,982 37
Net change due to purchases and sales of minerals in place (3,894) − (3,894) −
Net change due to extensions, discoveries and improved recovery related costs 5,858 19 5,876 11
Revisions of previous quantity estimates 31,616 3 31,619 82
Net change in prices, transfer prices and in production costs (63,907) (97) (64,004) (201)
Changes in estimated future development costs (16,409) (27) (16,436) (17)
Accretion of discount 19,138 20 19,159 68
Net change in income taxes 20,611 30 20,641 −
Other - unspecified − 5 5 (53)
Balance at December 31, 2023 145,529 93 145,622 691
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
Apparent differences in the sum of the numbers are due to rounding.