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Lease liability | 12 Months Ended
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Dec. 31, 2024
Notes and other explanatory information [abstract] |
Lease liability |
| 31. | Lease liability
The Company is the lessee in agreements primarily including oil and gas producing units, drilling rigs and other exploration and production equipment, vessels and support vessels, helicopters, land and buildings. Changes in the balance of lease liabilities are presented below:
Schedule of changes in lease liabilities |  |  |
| Lessors in Brazil | Lessors abroad | Total
Balance at December 31, 2023 | 6,792 | 27,007 | 33,799
Remeasurement / new contracts | 1,589 | 8,128 | 9,717
Payment of principal and interest (1) | (2,649) | (5,192) | (7,841)
Interest expenses | 529 | 1,765 | 2,294
Foreign exchange losses | 716 | 6,986 | 7,702
Translation adjustment | (1,493) | (7,068) | (8,561)
Transfers | − | 39 | 39
Balance at December 31, 2024 | 5,484 | 31,665 | 37,149
Current |  |  | 8,542
Non-current |  |  | 28,607
| Lessors in Brazil | Lessors abroad | Total
Balance at December 31, 2022 | 6,020 | 17,825 | 23,845
Remeasurement / new contracts | 2,276 | 12,094 | 14,370
Payment of principal and interest (1) | (2,273) | (3,999) | (6,272)
Interest expenses | 519 | 1,290 | 1,809
Foreign exchange losses | (223) | (1,635) | (1,858)
Translation adjustment | 472 | 1,531 | 2,003
Transfers | 1 | (99) | (98)
Balance at December 31, 2023 | 6,792 | 27,007 | 33,799
Current |  |  | 7,200
Non-current |  |  | 26,599
(1) The Statement of Cash Flows comprises US$ 54 (US$ 14 on December 31, 2023) relating to changes on liabilities held for sale.
A maturity schedule of the lease arrangements (nominal amounts) is set out as follows:
Schedule of main information by class of underlying assets |  |  |  |  |  |  |  |
Nominal Future Payments | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 onwards | Total | Recoverable taxes
Without readjustment |  |  |  |  |  |  |  |
Vessels | 4,534 | 2,563 | 1,506 | 675 | 351 | 1,457 | 11,086 | 243
Others | 192 | 124 | 99 | 54 | 12 | − | 481 | 44
With readjustment - abroad (1) |  |  |  |  |  |  |  |
Vessels | 333 | 312 | 282 | 64 | 42 | 24 | 1,057 | −
Platforms | 2,623 | 2,450 | 2,443 | 2,401 | 2,382 | 26,392 | 38,691 | −
With readjustment - Brazil |  |  |  |  |  |  |  |
Vessels | 760 | 418 | 215 | 91 | 2 | 2 | 1,488 | 138
Properties | 185 | 125 | 139 | 118 | 83 | 990 | 1,640 | 22
Others | 210 | 148 | 133 | 73 | 32 | 78 | 674 | 62
Nominal amounts on December 31, 2024 | 8,837 | 6,140 | 4,817 | 3,476 | 2,904 | 28,943 | 55,117 | 509
Nominal amounts on December 31, 2023 | 7,442 | 6,137 | 4,547 | 3,367 | 2,708 | 25,939 | 50,140 | 690
(1) Contracts signed in the U.S. dollars.
The following table presents the main information on leases by class of underlying assets, where platforms and vessels represent 95.4% of the lease liability:
Schedule of maturity of the lease arrangements |  |  |  |  |  |  |  |
Present Value of Future Payments (1) | Discount rate (%) | Average Period (years) | Recoverable taxes | 12.31.2024 | 12.31.2023
Without readjustment |  |  |  |  |  |  |  |
Vessels |  |  |  | 5.2316 | 4.5 | 243 | 9,875 | 8,311
Others |  |  |  | 5.2350 | 3.3 | 44 | 440 | 264
With readjustment - abroad |  |  |  |  |  |  |  |
Platforms |  |  |  | 6.3660 | 18 | − | 23,292 | 20,336
Vessels |  |  |  | 5.7706 | 3.3 | − | 964 | 1,127
With readjustment - Brazil |  |  |  |  |  |  |  |
Vessels |  |  |  | 11.0131 | 2.4 | 138 | 1,313 | 1,506
Properties |  |  |  | 8.6458 | 22.8 | 22 | 734 | 1,230
Others |  |  |  | 11.5059 | 4.5 | 62 | 531 | 1,025
Total (2) |  |  |  | 6.0085 | 14.4 | 509 | 37,149 | 33,799
(1) Incremental nominal rate on company debt calculated from the yield curve of bonds and credit risk of the Company, as well as terms.
(2) Total amount, except for the average period column.
In certain contracts, there are variable payments and terms of less than 1 year recognized as expenses:
Schedule of variable payments and amounts less than 1 year recognized as an expense |  |  |
|  | 12.31.2024 | 12.31.2023
Variable payments |  | 1,035 | 1,067
Up to 1 year maturity |  | 96 | 109
Variable payments x fixed payments |  | 13% | 17%
At December 31, 2024, the nominal amounts of lease agreements for which the lease term has not commenced, as they relate to assets under construction or not yet available for use, is US$ 65,034 (US$ 65,358 at December 31, 2023). The sensitivity analysis of financial instruments subject to exchange variation is presented in note 33.4.1. Accounting policy for lease liabilities Lease liabilities, including those whose underlying assets are of low value, are measured at the present value of lease payments, which includes recoverable taxes, non-cancellable periods and options to extend a lease when they are reasonably certain. These payments are discounted at the Company's nominal incremental rate on loans, as the interest rates implicit in lease agreements with third parties usually cannot be readily determined. Lease remeasurements reflect changes arising from contractual rates or indexes, as well as lease terms due to new expectations of lease extensions or terminations. Unwinding of discount on the lease liability is classified as finance expense, while payments reduce their carrying amount. According to the Company’s foreign exchange risk management, foreign exchange variations on lease liabilities denominated in U.S. dollars are designated as instruments to protect cash flow hedge relationships from highly probable future exports (see note 33.4.1). In the E&P segment, some activities are conducted by joint operations with partner companies where the Company is the operator. In cases where all parties to the joint operation are primarily responsible for the lease payments, the Company recognizes the lease liability in proportion to its share. When using underlying assets arising from a specific contract in which the Company is solely responsible for the lease payments, the lease liabilities remain fully recognized and the partners are charged in proportion to their interests. Payments associated with short-term leases (term of 12 months or less) are recognized as an expense over the term of the lease.

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