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Supplementary information on Oil and Gas Exploration and Production (unaudited) | 12 Months Ended
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Dec. 31, 2024
Supplementary Information On Oil And Gas Exploration And Production |
Supplementary information on Oil and Gas Exploration and Production (unaudited) | Supplementary information on Oil and Gas Exploration and Production (unaudited) In accordance with Codification Topic 932 - Extractive Activities – Oil and Gas, this section provides supplemental information on oil and gas exploration and production activities of the Company. The information included in items (i) through (iii) provides historical cost information pertaining to costs incurred in exploration, property acquisition and development, capitalized costs and results of operations. The information included in items (iv) and (v) presents information on Petrobras’ estimated net proved reserve quantities, standardized measure of estimated discounted future net cash flows related to proven reserves, and changes in estimated discounted future net cash flows. The Company, on December 31, 2024, maintains activities mainly in Brazil, in addition to activities in Argentina, Colombia and Bolivia, in South America. The equity-accounted investments are comprised of the operations of the joint venture company MP Gulf of Mexico, LLC (MPGoM), in which Murphy Exploration & Production Company ("Murphy") has 80% stake and Petrobras America Inc ("PAI") 20% stake in United States of America, North America. The Company reports its reserves in Brazil, United States of America and Argentina. Volumes in Bolivia are not registered as the Constitution of this country does not allow. In Colombia, our activities are exploratory, and therefore, there are no associated reserves. i) Capitalized costs relating to oil and gas producing activities As set out in note 26, the Company uses the successful efforts method of accounting for appraisal and development costs of crude oil and natural gas production. In addition, notes 23 and 24 presents the accounting policies applied by the Company for recognition, measurement and disclosure of property, plant and equipment and intangible assets. The following table summarizes capitalized costs for oil and gas exploration and production activities with the related accumulated depreciation, depletion and amortization, and asset retirement obligations:
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, 2024 |  |  |  |  |  |
Unproved oil and gas properties | 2,924 | 160 | − | 160 | 3,084 | −
Proved oil and gas properties | 75,088 | 284 | − | 284 | 75,372 | 651
Support Equipment | 95,073 | 726 | 1 | 727 | 95,800 | −
Gross Capitalized costs | 173,085 | 1,170 | 1 | 1,171 | 174,256 | 651
Depreciation, depletion and amortization | (57,940) | (815) | (1) | (816) | (58,756) | (330)
Net capitalized costs | 115,145 | 355 | − | 355 | 115,500 | 321
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 | 103,284 | 758 | 1 | 759 | 104,043 | −
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 | 126,441 | 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
ii) Costs incurred in oil and gas property acquisition, exploration and development activities Costs incurred are summarized below and include both amounts expensed and capitalized:
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, 2024 |  |  |  |  |
Acquisition costs: |  |  |  |  |
Proved | − | − | − | − | −
Unproved | 21 | − | − | 21 | −
Exploration costs | 861 | 119 | 119 | 980 | −
Development costs | 14,007 | 34 | 34 | 14,041 | 14
Total | 14,889 | 153 | 153 | 15,042 | 14
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
(iii) Results of operations for oil and gas producing activities The Company’s results of operations from oil and gas producing activities for the years ended December 31, 2024, 2023 and 2022 are shown in the following table. The Company transfers substantially all of its Brazilian crude oil and gas production to the RT&M and G&LCE segments, respectively, in Brazil. The internal transfer prices calculated by the Company’s model may not be indicative of the price the Company would have realized had this production been sold in an unregulated spot market. Additionally, the prices calculated by the Company’s model may not be indicative of the future prices to be realized by the Company. Gas prices used are those set out in contracts with third parties. Production costs are lifting costs incurred to operate and maintain productive wells and related equipment and facilities, including operating employees’ compensation, materials, supplies, fuel consumed in operations and operating costs related to natural gas processing plants. Exploration expenses include the costs of geological and geophysical activities and projects without economic feasibility. Depreciation and amortization expenses relate to assets employed in exploration and development activities. In accordance with Codification Topic 932 – Extractive Activities – Oil and Gas, income taxes are based on statutory tax rates, reflecting allowable deductions. Interest income and expense are excluded from the results reported in this table.
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, 2024 |  |  |  |  |  |  |
Net operation revenues: |  |  |  |  |  |  |
Sales to third parties | 175 | 133 | − | − | 133 | 308 | 170
Intersegment | 60,208 | − | − | − | − | 60,208 | −
| 60,383 | 133 | − | − | 133 | 60,516 | 170
Production costs | (15,472) | (59) | − | − | (59) | (15,531) | (50)
Exploration expenses | (901) | (12) | − | − | (12) | (913) | −
Depreciation, depletion and amortization | (9,248) | (44) | − | − | (44) | (9,292) | (36)
Impairment of oil and gas properties | (1,239) | (5) | − | − | (5) | (1,244) | −
Other operating expenses | (5,547) | (5) | 71 | (1) | 65 | (5,482) | (10)
Results before income tax expenses | 27,977 | 8 | 71 | (1) | 77 | 28,054 | 74
Income tax expenses | (9,538) | (3) | 2 | 1 | − | (9,538) | −
Results of operations (excluding corporate overhead and interest costs) | 18,439 | 5 | 73 | − | 77 | 18,516 | 74
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
(iv) Reserve quantities information As presented in note 4.1, proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations – prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain. The project to extract the hydrocarbons must have commenced or there must be reasonable certainty that the project will commence within a reasonable time. Reserves estimate involves a high degree of judgment and complexity and its application affects different items of these Financial Statements. The Company’s estimated net proved oil and gas reserves and changes thereto for the years 2024, 2023 and 2022 are presented in the following table. Proved reserves are estimated in accordance with the reserve definitions prescribed by the Securities and Exchange Commission. Proved developed oil and gas reserves are proved reserves that can be expected to be recovered: (i) through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and (ii) through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is done by means not involving a well. Proved reserves for which substantial new investments in additional wells and related facilities will be required are named proved undeveloped reserves. Reserve estimates are subject to variations due to technical uncertainties in the reservoir and changes in economic scenarios. A summary of the annual changes in the proved reserves of oil is as follows (in millions of barrels):
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, 2024 | 9,210 | 2 | − | 9,212 |  | 16 |  | 9,228
Extensions and discoveries | – | − | − | − |  | − |  | −
Revisions of previous estimates | 1,185 | − | − | 1,185 |  | − |  | 1,184
Production for the year | (761) | − | − | (761) |  | (2) |  | (764)
Reserves at December 31, 2024 | 9,634 | 2 | − | 9,636 |  | 13 |  | 9,649
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
(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.
A summary of the annual changes in the proved reserves of natural gas is as follows (in billions of cubic feet):
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, 2024 | 9,335 | 163 | − | 9,498 |  | 7 |  | 9,504
Extensions and discoveries | – | 7 | − | 7 |  | − |  | 7
Revisions of previous estimates | 796 | 19 | − | 815 |  | (4) |  | 811
Production for the year | (549) | (20) | − | (569) |  | (1) |  | (570)
Reserves at December 31, 2024 | 9,582 | 168 | − | 9,750 |  | 2 |  | 9,752
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
(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.
Natural gas production volumes used in these tables are the net volumes withdrawn from our proved reserves, including gas consumed in operations and excluding reinjected gas. Our disclosure of proved gas reserves includes gas consumed in operations, which represent 36% of our total proved reserves of natural gas as of December 31, 2024. The tables below summarize 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 for 2024, 2023 and 2022:
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, 2024 | 10,873 | 31 | − | 10,904 |  | 17 |  | 10,921
Extensions and discoveries | – | 1 | − | 1 |  | − |  | 2
Revisions of previous estimates | 1,326 | 4 | − | 1,330 |  | (1) |  | 1,329
Production for the year | (859) | (4) | − | (863) |  | (3) |  | (865)
Reserves at December 31, 2024 | 11,341 | 32 | − | 11,372 |  | 14 |  | 11,386
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
(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.
In 2024, we incorporated 1,330 million boe of proved reserves by revising previous estimates, including: (i) addition of 883 million boe due to new projects, mainly in Atapu and Sépia fields and in other fields in Santos, Campos and Solimões basins; and (ii) addition of 447 million boe, due to the good performance of assets, mainly in Búzios, Itapu, Tupi and Sépia fields, in the Santos Basin, and other revisions. We did not have relevant changes related to the variation in the oil price. The Company's total proved reserve resulted in 11,386 million boe in 2024, considering the variations above and the reduction from 2024 production of 865 million boe. Production refers to volumes that were previously included in our reserves and, therefore, does not consider natural gas liquids, since the reserve is estimated at a reference point prior to gas processing, except in the United States and Argentina. The production also does not consider volumes of injected gas, the production of Extended Well Tests in exploratory blocks and production in Bolivia, since the Bolivian Constitution does not allow the registration of reserves by the Company. In 2023, we incorporated 1,262 million boe of proved reserves by revising previous estimates, including: (i) addition of 1,092 million boe arising from the good performance of assets, mainly in Búzios, Tupi and Atapu fields, in the Santos Basin; and (ii) addition of 170 million boe due to new projects and other revisions. We did not have relevant changes related to the variation in the oil price. In addition, we incorporated 237 million boe from discoveries and extensions, mainly due to the declaration of commerciality of Raia Manta and Raia Pintada fields (non-operated), in the Campos Basin. Moreover, proved reserves were reduced by 155 million boe, resulting from sales. The Company's total proved reserve resulted in 10,921 million boe in 2023, considering the variations above and the reduction from 2023 production of 894 million boe. Production refers to volumes that were previously included in our reserves and, therefore, does not consider natural gas liquids, since the reserve is estimated at a reference point prior to gas processing, except in the United States and Argentina. The production also does not consider volumes of injected gas, the production of Extended Well Tests in exploratory blocks and production in Bolivia, since the Bolivian Constitution does not allow the registration of reserves by the Company. In 2022, we incorporated 1,989 million boe of proved reserves by revising previous estimates, including: (i) addition of 1,279 million boe due to new projects, mainly in Búzios field and in other fields in the Santos and Campos Basins; and (ii) addition of 710 million boe arising from other revisions, mainly due to good performance of reservoirs in the pre-salt layer of Santos Basin and to the contract term extension of Rio Urucu and Leste do Urucu fields. We did not have relevant changes related to the variation in the oil price. The addition in our proved reserves were partially offset by the reduction of 536 million boe, due to the effects of the transfer of interests of 5% of the Surplus Volume of the Transfer of Rights of Búzios field, of the write-offs related to the Co-Participation Agreements of Atapu and Sepia fields and of sales of properties in mature fields. The Company's total proved reserve resulted in 10,473 million boe in 2022, considering the variations above and the reduction from 2022 production of 860 million boe. Production refers to volumes that were previously included in our reserves and, therefore, does not consider natural gas liquids, since the reserve is estimated at a reference point prior to gas processing, except in the United States and Argentina. The production also does not consider volumes of injected gas, the production of Extended Well Tests in exploratory blocks and production in Bolivia, since the Bolivian Constitution does not allow the registration of reserves by the Company. The tables below present the volumes of proved developed and undeveloped reserves, net, that is, reflecting Petrobras' participation:
Schedule of volumes of proved developed and undeveloped reserves |  |  |
| 2024
| Crude Oil | Natural Gas | Total oil and gas
| (mmbbl) | (bncf) | (mmboe)
Net proved developed reserves (*): |  |  |
Consolidated Entities |  |  |
Brazil | 4,884 | 5,387 | 5,843
South America, outside Brazil (1) | 1 | 80 | 15
Total Consolidated Entities | 4,885 | 5,467 | 5,858
Equity Method Investees |  |  |
North America (1) | 13 | 2 | 14
Total Equity Method Investees | 13 | 2 | 14
Total developed Consolidated and Equity Method Investees | 4,898 | 5,469 | 5,872
Net proved undeveloped reserves (*): |  |  |
Consolidated Entities |  |  |
Brazil | 4,750 | 4,194 | 5,497
South America, outside Brazil (1) | 1 | 89 | 17
Total Consolidated Entities | 4,751 | 4,283 | 5,514
Equity Method Investees |  |  |
North America (1) | − | − | −
Total Equity Method Investees | − | − | –
Total undeveloped Consolidated and Equity Method Investees | 4,751 | 4,283 | 5,514
Total proved reserves (developed and undeveloped) | 9,649 | 9,752 | 11,386
(1) South America oil reserves include 25% of natural gas liquid (NGL) in proved developed reserves and 24% of NGL in proved undeveloped reserves. North America oil reserves include 14% of natural gas liquid (NGL) in proved developed reserves and 17% of NGL in proved undeveloped reserves.
(*) Apparent differences in the sum of the numbers are due to rounding off.
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.
| 2023
| Crude Oil | Natural 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 include 25% of natural gas liquid (NGL) in proved developed reserves and 26% of NGL in proved undeveloped reserves. North America oil reserves include 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 | Natural 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 include 24% of natural gas liquid (NGL) in proved developed reserves and 24% of NGL in proved undeveloped reserves. North America oil reserves include 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.
(v) Standardized measure of discounted future net cash flows relating to proved oil and gas quantities and changes therein The standardized measure of discounted future net cash flows, related to the above proved oil and gas reserves, is calculated in accordance with the requirements of Codification Topic 932 – Extractive Activities – Oil and Gas. Estimated future cash inflows from production in Brazil are computed by applying the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions. Future price changes are limited to those provided by contractual arrangements existing at the end of each reporting year. Future development and production costs are those estimated future expenditures necessary to develop and produce year-end estimated proved reserves based on current costs, including abandonment costs, assuming continuing economic conditions. Estimated future income taxes (including future social contributions on net income - CSLL) are calculated by applying appropriate year-end statutory tax rates. The amounts presented as future income taxes expenses reflect allowable deductions considering statutory tax rates. Discounted future net cash flows are calculated using 10% mid-period discount factors. This discounting requires a year-by-year estimate of when the future expenditures will be incurred and when the reserves will be produced. The valuation prescribed under Codification Topic 932 – Extractive Activities – Oil and Gas requires assumptions as to the timing and amount of future development and production costs. The calculations are made as of December 31 each year and should not be relied upon as an indication of Petrobras’ future cash flows or the value of its oil and gas reserves. Standardized measure of discounted future net cash flows:
Schedule of standardized measure of discounted future net cash flows |  |  |  |
| Consolidated entities | Equity Method Investees
|  | Abroad |
| Brazil | South America | Total
December 31, 2024 |  |  |  |
Future cash inflows | 800,773 | 579 | 801,353 | 941
Future production costs | (304,051) | (336) | (304,387) | (139)
Future development costs | (74,770) | (107) | (74,877) | (34)
Future income tax expenses | (149,968) | (58) | (150,026) | −
Undiscounted future net cash flows | 271,984 | 78 | 272,062 | 768
10 percent midyear annual discount for timing of estimated cash flows (1) | (128,559) | (31) | (128,590) | (262)
Standardized measure of discounted future net cash flows | 143,425 | 47 | 143,473 | 506
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
(1) Semiannual capitalization
Apparent differences in the sum of the numbers are due to rouding.
Changes in discounted net future cash flows:
Schedule of changes in discounted net future cash flows |  |  |  |
| Consolidated entities | Equity Method Investees
|  | Abroad |
| Brazil | South America | Total
Balance at January 1, 2024 | 145,529 | 93 | 145,622 | 691
Sales and transfers of oil and gas, net of production cost | (44,911) | (52) | (44,963) | (119)
Development cost incurred | 14,007 | 34 | 14,040 | 14
Net change due to purchases and sales of minerals in place | − | − | − | −
Net change due to extensions, discoveries and improved recovery related costs | − | 7 | 7 | 2
Revisions of previous quantity estimates | 32,619 | 26 | 32,645 | (31)
Net change in prices, transfer prices and in production costs | 10,226 | (41) | 10,185 | (71)
Changes in estimated future development costs | (23,749) | (18) | (23,767) | (6)
Accretion of discount | 14,553 | 13 | 14,566 | 60
Net change in income taxes | (4,848) | (17) | (4,865) | −
Other - unspecified | − | 3 | 3 | (32)
Balance at December 31, 2024 | 143,425 | 47 | 143,473 | 506
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
Apparent differences in the sum of the numbers are due to rounding.

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