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Property, plant and equipment | 12 Months Ended
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Dec. 31, 2024
Notes and other explanatory information [abstract] |
Property, plant and equipment |
| 23. | Property, plant and equipment
| 23.1. | 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 January 1, 2024 | 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 | 21 | 381 | 15,203 | 102 | 10,492 | 26,199
Decommissioning costs - Additions to / review of estimates | − | − | − | 6,393 | − | 6,393
Capitalized borrowing costs | − | − | 1,558 | − | − | 1,558
Write-offs | (8) | (53) | (300) | (9) | (66) | (436)
Transfers (5) | 482 | 5,126 | (7,641) | 2,592 | 10 | 569
Transfers to assets held for sale | − | 20 | (5) | (402) | 69 | (318)
Depreciation, amortization and depletion | (78) | (4,963) | − | (3,699) | (6,213) | (14,953)
Impairment recognition (note 25) | (2) | (439) | (324) | (864) | (45) | (1,674)
Impairment reversal (note 25) | 4 | 140 | 11 | 19 | 13 | 187
Translation adjustment | (621) | (12,814) | (5,634) | (8,643) | (6,952) | (34,664)
Balance at December 31, 2024 | 2,485 | 45,807 | 24,384 | 35,921 | 27,688 | 136,285
Cost | 3,895 | 96,963 | 30,321 | 67,357 | 42,366 | 240,902
Accumulated depreciation and impairment (4) | (1,410) | (51,156) | (5,937) | (31,436) | (14,678) | (104,617)
Balance at January 1, 2023 | 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 | − | 528 | 11,919 | 12 | 15,177 | 27,636
Decommissioning costs - Additions to / review of estimates | − | − | − | 2,672 | − | 2,672
Capitalized borrowing costs | − | − | 1,277 | − | − | 1,277
Signature Bonuses Transfers (6) | − | − | − | 16 | − | 16
Write-offs | (11) | (304) | (86) | (74) | (156) | (631)
Transfers (5) | 58 | 5,531 | (7,058) | 1,754 | 1 | 286
Transfers to assets held for sale | (16) | (36) | 99 | (241) | (85) | (279)
Depreciation, amortization and depletion | (84) | (5,079) | − | (4,711) | (5,432) | (15,306)
Impairment recognition (note 25) | − | (1,689) | (883) | (314) | (39) | (2,925)
Impairment reversal (note 25) | 3 | 101 | 9 | 1 | 28 | 142
Translation adjustment | 199 | 4,210 | 1,401 | 2,883 | 1,674 | 10,367
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)
(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 13 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.
Additions to assets under construction are mainly due to investments in the production development of Búzios, Mero 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 platforms, notably FPSO Maria Quiteria and FPSO Duque de Caxias drilling rigs for E&P operations, vessels and to the chartering of the Regasification Vessel Sequoia, operating at the LNG Terminal in Bahia, and the respective effect on lease liability (note 31).
| 23.2. | Estimated useful life
The useful life of assets subject to depreciation are shown below:
Schedule of useful life of assets |
Asset | Weighted average useful life in years
Buildings and improvement | 38 (between 25 and 50)
Equipment and other assets | 22 (between 1 to 31) - except assets by the units of production method
Exploration and development costs | Units of production method or 20 years
Right-of-use | 14 (between 2 and 50)
The estimated useful life of buildings and improvements, equipment and other assets is as follows:
Schedule of estimated useful life of buildings and improvements, equipment and other assets |  |  |
| Buildings and improvements, equipment and other assets
Estimated useful life | Cost | Accumulated depreciation | Balance at December 31, 2024
5 years or less | 4,789 | (3,830) | 959
6 - 10 years | 7,159 | (5,221) | 1,938
11 - 15 years | 4,837 | (3,466) | 1,371
16 - 20 years | 26,561 | (16,323) | 10,238
21 - 25 years | 26,431 | (9,152) | 17,279
25 - 30 years | 10,627 | (3,505) | 7,122
30 years or more | 4,773 | (1,555) | 3,218
Units of production method | 15,535 | (9,491) | 6,044
Total | 100,712 | (52,543) | 48,169
Buildings and improvements | 3,749 | (1,387) | 2,362
Equipment and other assets | 96,963 | (51,156) | 45,807
| 23.3. | Right-of-use assets
The table below shows the split by type of asset and readjustment clauses with possible impacts on accumulated depreciation and impairment, as follows:
Schedule of accumulated depreciation and impairment |  |  |  |
| Platforms | Vessels | Properties | Total
Cost | 22,484 | 17,542 | 2,340 | 42,366
Accumulated depreciation and impairment | (4,712) | (9,216) | (750) | (14,678)
Without contractual readjustment clauses | − | (7,490) | (120) | (7,610)
With contractual readjustment clauses – Brazil | (4,712) | (731) | − | (5,443)
With contractual readjustment clauses – abroad | − | (996) | (629) | (1,625)
Balance at December 31, 2024 | 17,772 | 8,326 | 1,590 | 27,688
Cost | 23,859 | 18,000 | 2,970 | 44,829
Accumulated depreciation and impairment | (4,803) | (8,796) | (850) | (14,449)
Without contractual readjustment clauses | − | (7,103) | (168) | (7,271)
With contractual readjustment clauses – Brazil | (4,803) | (225) | − | (5,028)
With contractual readjustment clauses – abroad | − | (1,468) | (682) | (2,150)
Balance at December 31, 2023 | 19,056 | 9,204 | 2,120 | 30,380
Accounting policy for property, plant and equipment Property, plant and equipment are measured at the cost of acquisition or construction, including all costs necessary to bring the asset to working condition for its intended use and the estimated cost of dismantling and removing the asset and restoring the site, reduced by accumulated depreciation and impairment losses. A condition for continuing to operate certain items of property, plant and equipment, such as industrial plants, offshore plants and vessels is the performance of regular major inspections and maintenance. Those expenditures are capitalized if a maintenance campaign is expected to occur, at least, 12 months later. Otherwise, they are expensed when incurred. The capitalized costs are depreciated over the period through the next major maintenance date. Spare parts are capitalized when they are expected to be used during more than one period and can only be used in connection with an item of property, plant and equipment, and are depreciated over the useful life of the item of property, plant and equipment to which they relate. Borrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalized as part of the costs of these assets. General borrowing costs are capitalized based on the Company’s weighted average cost of borrowings outstanding applied over the balance of assets under construction. In general, the Company suspends capitalization of borrowing to the extent investments in a qualifying asset hibernates during a period greater than one year or whenever the asset is prepared for its intended use. Assets directly associated to the production of oil and gas in a contracted area whose useful lives are not less than the life of the field (reserve exhaustion time), including rights and concessions such as signature bonus, are depleted by the unit-of-production method. The unit-of-production method of depreciation (amortization) is computed based on the monthly production volume over the proved developed oil and gas reserves, except for signature bonuses for which unit of production method takes into account the monthly production over the total proved oil and gas reserves on a field-by-field basis. Assets related to oil and gas production with useful lives shorter than the life of the field; floating platforms and other assets unrelated to oil and gas production are depreciated on a straight-line basis over their useful lives, which are reviewed annually. Note 23.2 provides further information on the estimated useful life by class of assets. Lands are not depreciated. Right-of-use assets are presented as property, plant and equipment and, according to the useful lives of their respective underlying assets and the characteristics of lease agreements (term, asset transfer or exercise of call option), are depreciated using the straight-line method based on contractual terms.
| 23.4. | Oil and Gas fields operated by Petrobras returned to ANP
In 2024, the Cachalote oil and gas field, in Campos basin, was returned to ANP. The Company wrote this field off due to impairments recognized. In 2023, the following oil and gas fields, in Campos basin, were returned to ANP: Atum, Curimã, Espada and Xaréu. Thus, the Company wrote off the amount of US$ 45. In 2022, the following oil and gas fields, in Ceará basin, were returned to ANP: Anequim, Congro, Corvina, Garoupa, Garoupinha, Malhado, Namorado, Parati and Viola. These fields were returned to ANP mainly due to their economic unfeasibility and, as a consequence, the Company wrote off the amount of US$ 619 in addition to impairments recognized in prior years.
| 23.5. | 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 year ended December 31,2024, the capitalization rate was 7.19% p.a. (7% p.a. for the year ended December 31, 2023).

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