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Property, plant and equipment | 6 Months Ended
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Jun. 30, 2024
Property Plant And Equipment |
Property, plant and equipment |
| 17. | Property, plant and equipment
| 17.1. | By class of assets
Schedule of property, plant and equipment by class of assets |  |  |  |  |  |
| Land, buildings and improvement | Equipment and other assets (1) | Assets under construction (2) | Exploration and development costs (3) | Right-of-use assets | Total
Balance at December 31, 2023 | 2,687 | 58,409 | 21,516 | 40,432 | 30,380 | 153,424
Cost | 4,634 | 118,173 | 31,467 | 74,809 | 44,829 | 273,912
Accumulated depreciation and impairment (4) | (1,947) | (59,764) | (9,951) | (34,377) | (14,449) | (120,488)
Additions | − | 188 | 6,096 | 32 | 3,059 | 9,375
Decommissioning costs - Additions to / review of estimates | − | − | − | 66 | − | 66
Capitalized borrowing costs | − | − | 755 | − | − | 755
Write-offs | (3) | (14) | (128) | (5) | (25) | (175)
Transfers (5) | (40) | 1,668 | (2,459) | 1,054 | (17) | 206
Transfers to assets held for sale | − | (21) | (5) | (109) | − | (135)
Depreciation, amortization and depletion | (38) | (2,554) | − | (1,979) | (3,068) | (7,639)
Impairment reversal (note 19) | 3 | 32 | 2 | − | 13 | 50
Translation adjustment | (339) | (7,463) | (3,155) | (5,099) | (3,920) | (19,976)
Balance at June 30, 2024 | 2,270 | 50,245 | 22,622 | 34,392 | 26,422 | 135,951
Cost | 3,927 | 103,923 | 31,292 | 66,123 | 40,499 | 245,764
Accumulated depreciation and impairment (4) | (1,657) | (53,678) | (8,670) | (31,731) | (14,077) | (109,813)
Balance at December 31, 2022 | 2,538 | 55,147 | 14,838 | 38,434 | 19,212 | 130,169
Cost | 4,343 | 105,429 | 23,938 | 67,581 | 29,670 | 230,961
Accumulated depreciation and impairment (4) | (1,805) | (50,282) | (9,100) | (29,147) | (10,458) | (100,792)
Additions | − | 229 | 4,653 | 2 | 7,304 | 12,188
Decommissioning costs - Additions to / review of estimates | − | − | − | 6 | − | 6
Capitalized borrowing costs | − | − | 583 | − | − | 583
Signature Bonuses Transfers (6) | − | − | − | 6 | − | 6
Write-offs | − | (181) | (17) | (35) | (151) | (384)
Transfers (5) | 44 | 1,232 | (1,344) | 848 | 1 | 781
Transfers to assets held for sale | (16) | (52) | (7) | (25) | − | (100)
Depreciation, amortization and depletion | (42) | (2,372) | − | (2,207) | (2,524) | (7,145)
Impairment recognition (note 19) | − | (180) | (266) | (1) | − | (447)
Impairment reversal (note 19) | 1 | 14 | − | − | 28 | 43
Translation adjustment | 210 | 4,474 | 1,453 | 3,068 | 1,727 | 10,932
Balance at June 30, 2023 | 2,735 | 58,311 | 19,893 | 40,096 | 25,597 | 146,632
Cost | 4,696 | 115,136 | 29,432 | 73,661 | 38,756 | 261,681
Accumulated depreciation and impairment (4) | (1,961) | (56,825) | (9,539) | (33,565) | (13,159) | (115,049)
(1) | It is composed of production platforms, refineries, thermoelectric power plants, natural gas processing plants, pipelines, and other operating, storage and production plants, including subsea equipment for the production and flow of oil and gas, depreciated based on the units of production method.
(2) | See note 8 for assets under construction by operating segment.
(3) | It is composed of exploration and production assets related to wells, abandonment and dismantling of areas, signature bonuses associated with proved reserves and other costs directly associated with the exploration and production of oil and gas, except for assets under "Equipment and other assets".
(4) | In the case of land and assets under construction, it refers only to impairment losses.
(5) | It mainly includes transfers between classes of assets and transfers from advances to suppliers.
(6) | Transfer from Intangible Assets. In 2023, it refers to the declaration of commerciality of the Manjuba field.
Additions to assets under construction are mainly due to investments in the production development of the Búzios field and other fields in the Espírito Santo, Santos, and Campos basins. As for additions to right-of-use assets, they are related to the chartering of drilling rigs for E&P operations, vessels and to the chartering of the Regasification Vessel Sequoia, operating at the LNG Terminal in Bahia.
| 17.2. | Estimated useful life
The useful life of assets depreciated are shown below:
Schedule of useful life of assets |
Asset | Weighted average useful life in years
Buildings and improvement | 40 (between 25 and 50)
Equipment and other assets | 20 (between 3 to 31) - except assets by the units of production method
Exploration and development costs | Units of production method
Right-of-use | 8 (between 2 and 47)
| 17.3. | Right-of-use assets
The right-of-use assets comprise the following underlying assets:
Schedule of accumulated depreciation and impairment |  |  |  |
| Platforms | Vessels | Properties | Total
Balance at June 30, 2024 | 16,422 | 8,042 | 1,958 | 26,422
Cost | 21,226 | 16,556 | 2,717 | 40,499
Accumulated depreciation and impairment | (4,804) | (8,514) | (759) | (14,077)
Balance at December 31, 2023 | 19,056 | 9,204 | 2,120 | 30,380
Cost | 23,859 | 18,000 | 2,970 | 44,829
Accumulated depreciation and impairment | (4,803) | (8,796) | (850) | (14,449)
| 17.4. | Unitization agreements
Petrobras has Production Individualization Agreements (AIP) signed in Brazil with partner companies in E&P consortia. These agreements result in reimbursements payable to (or receivable from) partners regarding expenses and production volumes mainly related to Agulhinha, Albacora Leste, Berbigão, Budião Noroeste, Budião Sudeste, Caratinga and Sururu. Provision for equalizations (1) The table below presents changes in the reimbursements payable relating to the execution of the AIP submitted to the approval of the ANP:
Schedule of reimbursements payable relating to the execution |  |  |  |  |  |
|  |  |  |  | Jan-Jun/2024 | Jan-Jun/2023
Opening balance |  |  |  |  | 462 | 407
Additions on PP&E |  |  |  |  | 118 | 5
Payments made |  |  |  |  | (1) | −
Other income and expenses |  |  |  |  | 25 | 23
Translation adjustments |  |  |  |  | (70) | 35
Closing balance (1) |  |  |  |  | 534 | 470
(1) | Notably Berbigão, Sururu and Agulhinha.
Closed agreements In May 2024, the Agreement on Expenditure and Volume Equalization, provided for in the Brava AIP, was signed. The amount paid by Petrobras to Pré-sal Petróleo S.A. (PPSA) on June 24, 2024 was US$ 1.
| 17.5. | Capitalization rate used to determine the amount of borrowing costs eligible for capitalization
The capitalization rate used to determine the amount of borrowing costs eligible for capitalization was the weighted average of the borrowing costs applicable to the borrowings that were outstanding during the period, other than borrowings made specifically for the purpose of obtaining a qualifying asset. For the six-month period ended June 30, 2024, the capitalization rate was 7.14% p.a. (6.89% p.a. for the six-month period ended June 30, 2023).

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