Basis of Preparation of the Consolidated Financial Statements (Tables)

12 Months Ended

Dec. 31, 2018

Detailed Information About Property, Plant and Equipment

Property, plant and equipment, other than those related to oil and gas exploration and production activities, are depreciated using the straight-line method, over the years of estimated useful life of the assets, as follows:


	Years of Estimated Useful Life
Buildings and other constructions		50
Refinery equipment and petrochemical plants		20-25
Infrastructure of natural gas distribution		20-50
Transportation equipment		5-25
Furniture, fixtures and installations		10
Selling equipment		10
Electric power generation facilities		15-20
Other property		10

Schedule of Reclassification of Contract Assets and Liabilities

The Group has adopted the standard’s terminology, identifying “Contract Assets” and “Contract Liabilities”. Thus, certain reclassifications have been made in the comparative amounts of the statements of financial position for the fiscal year ended December 31, 2017 and 2016, as shown below:


	Amounts as of December 31, 2017				Reclassifications IFRS 15						Amounts restated as of December 31, 2017
	Noncurrent		Current		Noncurrent			Current			Noncurrent		Current
Assets
Inventories		—		27,291		—			(142	)		—		27,149
Contract Assets		—		—		—			142			—		142
Liabilities
Accounts Payable		1,655		47,371		(1,470	)		(1,460	)		185		45,911
Contract Liabilities		—		—		1,470			1,460			1,470		1,460

	Amounts as of December 31, 2016				Reclassifications IFRS 15						Amounts restated as of December 31, 2016
	Noncurrent		Current		Noncurrent			Current			Noncurrent		Current
Assets
Inventories		—		21,820		—			(12	)		—		21,808
Contract Assets		—		—		—			12			—		12
Liabilities
Accounts Payable		2,187		41,595		—			(14	)		2,187		41,581
Contract Liabilities		—		—		—			14			—		14