巴西石油 (PBR.A) 2025 Q3 法說會逐字稿

Good morning. And welcome to the Petroleo Brasileiro webcast with analysts and investors about the Q3 results for 2025. It's a huge pleasure to be with you today. I'm going to share information with you before we start. This is going to be presented in Portuguese with simultaneous transition into English and the links to both languages are on our Investor Relations website.

早安.歡迎收看巴西石油公司與分析師及投資人共同探討2025年第三季業績的網路直播。今天能和大家在一起，我感到非常榮幸。在開始之前，我想先和你們分享一些資訊。本次活動將以葡萄牙語進行，並同時切換到英語，兩種語言的連結都可以在我們的投資者關係網站上找到。

All participants will follow the internet transmission as listeners. After the session, we'll have a Q&A session, and you can send your questions through our email petroinvest@petro. This meeting is being recorded.

所有參與者將以聽眾身分透過網路收聽直播。會議結束後，我們將進行問答環節，您可以透過我們的電子郵件 petroinvest@petro 發送您的問題。本次會議正在錄音。

And here with us today, we have Angélica Laureano, the Executive Director of Energy Transition and Sustainability, Clarice Coppetti , the Executive Director of Corporate affair affairs, Claudio Schlosser, the Executive Director of Trade and Markets, Fernando Melgarejo, the Executive Director of Investor relations; Renata Baruzzi, Executive Director of Engineering, Technology and Innovation; Ricardo Wagner, Executive Director of governance and Compliance; Sylvia dos Anjos, Executive Director of ENP; and William Franca Executive Director of Industrial Processes and Products.

今天與我們同台的有：能源轉型與永續發展執行董事安吉莉卡·勞雷亞諾 (Angélica Laureano)、企業事務執行董事克拉麗絲·科佩蒂 (Clarice Coppetti)、貿易與市場執行董事克勞迪奧·施洛瑟 (Claudio Schlosser)、投資者關係執行董事費爾南多·梅爾加雷納 (Fernando)、 Baruzzi)、治理與合規執行董事里卡多·瓦格納 (Ricardo Wagner)、ENP執行董事西爾維亞·多斯·安喬斯 (Sylvia dos Anjos) 以及工業流程與產品執行董事威廉·弗蘭卡 (William Franca)。

To get us started, I'll give the floor to Fernando. Fernando, you have the floor.

首先，我將把發言權交給費爾南多。費爾南多，請你發言。

Good morning to our investors, stakeholders, shareholders, and analysts who always join us in this webcast, as well as journalists, Petroleo Brasileiro employees and everyone else following us today. Thank you for joining us in another Petroleo Brasileiro earnings webcast.

各位投資者、利害關係人、股東和分析師，以及各位記者、巴西石油公司員工和今天關注我們的所有人，早安！感謝你們一直以來對我們網路直播的支持。感謝您收看巴西石油公司（Petroleo Brasileiro）的另一次財報網絡直播。

The scenario has been challenging, especially due to the drop in rent prices, which impacts not only Petroleo Brasileiro , but the entire industry, both domestically and internationally. This context demands continuous efforts to improve our efficiency, and we've been focusing on these efforts, which is why we had a very positive third-quarter, especially with the strong increase in oil production. This strong operational performance was fundamental this quarter. As you will see in the results that will be presented next and were disclosed yesterday.

這種情況充滿挑戰，尤其是由於租金價格下跌，這不僅影響巴西石油公司，也影響國內和國際的整個產業。在這種背景下，我們需要不斷努力提高效率，我們也一直專注於這些努力，因此我們第三季的業績非常積極，尤其是石油產量大幅成長。本季強勁的營運表現至關重要。正如您將在接下來公佈的結果中看到的那樣，這些結果已於昨天公佈。

We'll start with slide 3. I want to highlight, especially a new record-breaking oil and gas production in the third-quarter to 3.14 million barrels of oil equivalent, 76% above the second-quarter of 2025, and almost 17% above the third-quarter of 2024.

我們先從第3張投影片開始。我想特別強調的是，第三季石油和天然氣產量創下新紀錄，達到 314 萬桶油當量，比 2025 年第二季成長 76%，比 2024 年第三季成長近 17%。

Total operated production also set a record at 4.54 million barrels of oil equivalent, and once again we set a new record for our own pre-salt production, reaching 2.56 million barrels of oil equivalent. This is due to a 4% efficiency increase in 2025 across operating field and in the startup of new systems.

總營運產量也創下紀錄，達到 454 萬桶油當量，我們自己的鹽下油田產量再次創下新紀錄，達到 256 萬桶油當量。這是由於到 2025 年，營運領域和新系統的啟動效率將提高 4%。

Our [ENP pace] is intense, as well as the entire company. FPSO Almirante Tamandare, which is part of the Buzios 7 Project reached a plateau with only five producing wells and three months ahead of its schedule. I'll come back to this project later. It has brought about excellent results. P-78 has arrived at its location in the Búzios fields, and it will start operating by the end of the year.

我們的[ENP 節奏]非常緊張，整個公司也是如此。作為 Buzios 7 計畫的一部分，FPSO Almirante Tamandare 號已達到生產高峰，僅有 5 口生產井，比原計劃提前了 3 個月完工。我稍後會再來處理這個專案。它取得了極佳的效果。P-78 已抵達布濟奧斯油田的指定地點，並將於年底前開始作業。

P-79 will also leave the origin this month and come to Brazil, and also when we arrived, our visibility was quite foggy in terms of the schedule of the delivery of these production systems. Ever since we arrived, this is being adjusted. The physical and financial schedule is -- has also been adjusted. We had a CapEx that was slightly higher, but we're currently really comfortable with the deadlines and we're sure that we'll meet the deadlines or even stay ahead of them. Here we have highlight several milestones in the refining segment.

P-79 也將在本月離開原產地前往巴西，而且當我們到達時，對於這些生產系統的交付時間表，我們仍然一無所知。自從我們到達以來，這種情況一直在調整。實際操作和財務安排也已做出調整。我們的資本支出略高一些，但我們目前對截止日期非常有信心，我們確信我們能夠按時完成，甚至提前完成。這裡我們重點介紹煉油領域的幾個里程碑事件。

Our key projects to increase S10 diesel supply are advancing. We signed 5 contracts for the construction of units at the Boaventura complex, which will expand S10 diesel and jet fuel production and also enable Group II lubricants production. We also signed all nine contracts for the completion of Train 2 at RNEST. These generated savings of more than $1 billion here is compared to the reference budgets by 2029, the refinery will reach a processing capacity of 260,000 barrels per day.

我們增加S10柴油供應的關鍵項目正在推進。我們簽署了 5 份合同，用於在博阿文圖拉綜合設施建造裝置，這將擴大 S10 柴油和航空燃油的生產，並實現 II 類潤滑油的生產。我們也簽署了RNEST 2號列車竣工的全部九份合約。與參考預算相比，這些節省的金額超過 10 億美元。到 2029 年，該煉油廠的日加工能力將達到 26 萬桶。

These investments are aligned with an increased oil production and they improve the Brazilian self-sufficiency, contributing to energy security, economic development, and emission reduction. In the third-quarter, domestic sales of oil products increased 5%, especially diesel which grew 12% compared to the second-quarter of 2025. We exported around 800,000 barrels of oil per day when combined with byproducts exports surpass 1 million barrels per day, reinforcing oil as Brazil's main export commodity.

這些投資與石油產量的成長一致，提高了巴西的自給自足能力，有助於能源安全、經濟發展和減排。第三季度，國內石油產品銷量成長了 5%，尤其是柴油銷量，與 2025 年第二季度相比成長了 12%。我們每天出口約 80 萬桶石油，加上副產品出口，每天出口量超過 100 萬桶，鞏固了石油作為巴西主要出口商品的地位。

The refinery FUT closed the quarter at 94% producing high value-added derivatives. We also obtained relevant environmental licenses, such as the preliminary license for the BioQAV and renewable diesel plant at RPBC.

煉油廠 FUT 本季高附加價值衍生性商品生產率達 94%。我們還獲得了相關的環境許可證，例如 RPBC 的 BioQAV 和可再生柴油工廠的初步許可證。

The next slide shows our record set by the Cabiunas, Caraguatatuba, Itaboraí, and Cacimbas and Itaboraí's gas processing plants which reached 44 million cubic meters per day of gas specified for sale in August of 2025. This is equivalent to approximately 80% of the total volume consumed in Brazil's integrated network. We've made progress in the free market for natural gas, reaching the milestone of 6.5 million cubic meters per day of volume contracted in this modality which reaffirms the competitiveness of our portfolio.

下一張幻燈片展示了卡比烏納斯、卡拉瓜塔圖巴、伊塔博拉伊和卡辛巴斯以及伊塔博拉伊天然氣處理廠創下的記錄，這些工廠在 2025 年 8 月達到了每天 4400 萬立方米的指定銷售天然氣產量。這相當於巴西綜合管網總消耗量的約 80%。我們在天然氣自由市場取得了進展，以這種模式簽訂的日均交易量達到了 650 萬立方米，這再次證明了我們產品組合的競爭力。

Another important milestone was the construction of the Saint Thomas CCS pilot project in Macaye, a pioneering project in Brazil for the capture, transportation, and geological storage of up to 100,000 tons of CO2 per year. Finally, we celebrated the hiring of 850 technical employees and approximately 570 new employees who graduated from the training courses and will work to expand our operations. This was a brief summary of the various deliveries made in recent months.

另一個重要的里程碑是位於馬卡耶的聖托馬斯CCS試點項目的建設，這是巴西的一個開創性項目，每年可捕獲、運輸和地質儲存高達10萬噸的二氧化碳。最後，我們慶祝了850名技術員工的入職，以及約570名從培訓課程畢業的新員工的加入，他們將致力於擴大我們的業務。這是對近幾個月來各種貨物交付情況的簡要總結。

Now let's continue with the next slide. On slide 7, we see our financial highlights. We achieved an adjusted EBITDA excluding one-time items of USD12 billion. Net income excluding one-time items reached $5.2 billion a 28% increase over the second-quarter of 2025. Operating cash flow closed the quarter at USD9.9 billion, up 31% from the second-quarter of the year.

現在我們繼續看下一張投影片。第 7 張投影片展示了我們的財務亮點。扣除一次性項目後，我們實現了調整後的 EBITDA 120 億美元。不計一次性項目，淨收入達 52 億美元，比 2025 年第二季成長 28%。本季經營現金流為 99 億美元，比今年第二季成長 31%。

Free cash flow was $5 billion up 44% from the second- quarter. With these results, we were able to approve a payment of BRL12.2 billion in dividends. These figures demonstrate our ability to generate consistent and positive financial results, ensuring returns to shareholders, even in a scenario of lower oil prices.

自由現金流為 50 億美元，比第二季成長 44%。根據這些結果，我們批准支付122億雷亞爾的股利。這些數據表明，即使在油價走低的情況下，我們也能持續創造正面的財務業績，確保股東獲得回報。

Next slide. Here on slide 8, we detailed the progress of operating results. Note that oil and gas production increased by 8% in the quarter, and considering the last 12 months, growth was 17%. In the oil segment in the green range of the first chart, we increased production to more than 2.5 million barrels of oil per day, setting several operational records. We increased efficiency, reduced production downtimes, and reached peak production at the [Amiang Chitamunddare] FPSO exceeding its nominal capacity. With this increase in production, we have also managed to increase oil sales by around 14%.

下一張投影片。在第 8 張投影片中，我們詳細介紹了營運成果的進展。值得注意的是，本季石油和天然氣產量增加了 8%，過去 12 個月的成長率為 17%。在第一張圖表綠色區域的石油板塊，我們將日產量提高到 250 萬桶以上，創下了多項營運記錄。我們提高了效率，減少了生產停機時間，[Amiang Chitamunddare] FPSO 的產量達到了峰值，超過了其額定產能。隨著產量的增加，我們的石油銷量也成長了約 14%。

Sale of -- sales of oil byproducts grew 5% compared to the second-quarter, with diesel standing out. This operational performance supported solid financial results and robust cash generation which we will see in detail on the next slide.

石油副產品銷售額較第二季成長 5%，其中柴油表現突出。這項營運業績支撐了穩健的財務表現和強勁的現金流，我們將在下一張幻燈片中詳細看到。

In the third-quarter, Brent rose 2%, contributing to the period's results, but it's also important to analyze the last 12 months. In one year, Brent fell by USD11 per barrel and we were able to offset this impact with higher production and improved operational efficiency. The charts show that we were in line with the results for the third-quarter of 2024 when Brent was at $80 per barrel. In fact, adjusted EBITA, excluding one-off events, reached $12 billion in the third-quarter of 2025, surpassing the EBITA recorded in the third-quarter of 2024. This reflects the excellent work of our teams who have transformed their efforts into more oil, more gas, and more derivatives.

第三季度，布蘭特原油價格上漲 2%，對當期業績有所貢獻，但分析過去 12 個月的情況也很重要。一年內，布蘭特原油價格下跌了每桶 11 美元，但我們透過提高產量和營運效率來抵消了這一影響。圖表顯示，我們的預測與 2024 年第三季布蘭特原油價格為每桶 80 美元時的預測結果一致。事實上，經調整的 EBITA（不包括一次性事件）在 2025 年第三季達到 120 億美元，超過了 2024 年第三季的 EBITA。這體現了我們團隊的出色工作，他們將努力轉化為更多的石油、天然氣及其衍生性商品。

Next slide. On slide 10, we will detail the distribution of CapEx, which totaled USD5.5 billion in the third- quarter of 2025. 85% of this investment is concentrated in exploration and production. 11% were allocated to refining projects and 2% to the gas and low carbon energy segment.

下一張投影片。在第10張投影片中，我們將詳細介紹資本支出（CapEx）的分配情況，截至2025年第三季度，資本支出總額為55億美元。其中85%的投資集中在勘探和生產領域，11%分配給煉油項目，2%分配給天然氣和低碳能源領域。

In E&P where CapEx is concentrated, we observed that the investment growth occurred mainly in more subsea activities and platform construction. In platforms, we had a greater concentration of contractual milestones in the third-quarter. Notably, the sale away of P-78 and starting construction of the [Sea 2 hull] both in line with plans.

在資本支出集中的勘探與生產領域，我們觀察到投資成長主要發生在更多的海底活動和平台建設。在平台方面，我們在第三季集中完成了更多合約里程碑。值得注意的是，P-78 的出售和 [Sea 2 船體] 的建造都按計劃進行。

In subsea activities, we began the pre-launch of lines for Buzios VI, which increased our investments in the quarter. This unit should start producing and generating returns later this year. Also, in the third-quarter, we drilled 20 wells, completed 10, and interconnected 23. These activities contributed to increase our production. In the end of October, a total of 65 wells were interconnected, 41% more than the whole of last year. This is why our investments are in production development, especially in the Buzios field.

在海底作業方面，我們開始了 Buzios VI 的管線預下水工作，這增加了我們本季的投資。該裝置預計將於今年稍後開始生產並產生收益。此外，在第三季度，我們鑽了 20 口井，完成了 10 口井，並實現了 23 口井的連通。這些活動有助於提高我們的產量。截至10月底，共有65口油井實現互聯，比去年全年成長了41%。這就是為什麼我們的投資都集中在生產開發上，尤其是在布濟奧斯油田。

Buzios is truly an exceptional asset as there are six platforms in operation, and last week the field reached a record daily production of 1 million barrels per day. I want to emphasize that we have a unique portfolio, especially in the E&P segment where almost 90% of the company's investments are concentrated.

Buzios 油田確實是一項非凡的資產，目前有 6 個平台正在運營，上週該油田的日產量達到了創紀錄的 100 萬桶。我想強調的是，我們擁有獨特的投資組合，尤其是在勘探與生產領域，公司近 90% 的投資都集中在該領域。

Our strategy for delivering these investments has already begun to bear fruit with significant growth in production, but we still have much to reap with the entry of new systems, which over the next two years will add 900,000 barrels per day of capacity.

我們實施這些投資的策略已經開始取得成效，產量顯著成長，但隨著新系統的投入使用，我們仍有許多收穫，未來兩年內，這些系統將增加每天 90 萬桶的產能。

Delivering these projects on time or even ahead of schedule, as I said, while maintaining the projected cost, means generating value for our shareholders above and beyond short-term dividends. We have a much more long-term perspective now than short-term.

正如我所說，按時甚至提前完成這些項目，同時控制在預計成本之內，這意味著為我們的股東創造價值，而不僅僅是短期分紅。我們現在更注重長遠發展，而不是短期利益。

Let's move on to the next slide. On slide 11, we will present the reconciliation between accrual based CapEx and cash investment for the first nine months of the year. We reached USD14 billion in CapEx from January to September. I want to emphasize that we are on track to meet our guidance at the end of the year. We will be between the midpoint and the upper end of the projection. Before we talk about cash investment, I want to make it clear that we will be above the midpoint of the range because our pace of investment execution is above the one that was projected in the current business plan.

我們來看下一張投影片。在第 11 張投影片中，我們將展示今年前九個月的應計資本支出與現金投資之間的調節情況。從1月到9月，我們的資本支出達到了140億美元。我想強調的是，我們預計在年底前實現我們的預期目標。我們將位於預測值的中點和上限之間。在討論現金投資之前，我想先明確指出，我們的投資金額將高於該範圍的中點，因為我們的投資執行速度高於當前商業計劃中預測的速度。

This is not, and it is important that this is clear to all of you. Due to higher project execution costs all the projects remain the same. I will repeat this. Delivering projects on time or even ahead of schedule while maintaining the projected cost means generating value for our shareholders.

事實並非如此，這一點你們所有人都要清楚。由於專案執行成本較高，所有專案保持不變。我再說一次。在控製成本的前提下，按時甚至提前交付項目，意味著為我們的股東創造價值。

Now let's explain this cash investment. To get the cash investment value, you must exclude certain expenses that have no effect on cash investments, such as leases, which are classified as financing under IFRS 16, and geology and geophysics expenses, which are classified as expenses in Corporate Accounting. On the other hand, we must add payments for contracts that were measured.

現在我們來解釋一下這筆現金投資。要獲得現金投資價值，必須排除某些對現金投資沒有影響的費用，例如根據 IFRS 16 分類為融資的租賃費用，以及根據公司會計分類為費用的地質和地球物理費用。另一方面，我們必須加上已計量合約的付款。

In other periods, but left the cash flow in this period due to a lag between the measurement and their payment. Especially those related to measurements made at the end of 2024 when we readjusted the financial and physical balance of our projects. There's also the inclusion of payments for contract milestones related to the mobilization of services, especially EPCI's for subsea activities and the formation of inventories of materials and equipment that will only be used in the future.

在其他時期，由於計量和付款之間存在滯後，導致本時期現金流量出現問題。特別是與 2024 年底我們調整專案財務和實物平衡時所做的測量相關的那些測量。此外，還包括與服務調動相關的合約里程碑付款，特別是海底活動的 EPCI 以及未來才會使用的材料和設備庫存的形成。

That was so the cash investment for the first nine months of the year came to a total of $12.9 billion excluding carryover especially from last year. The CapEx and cash investment ratio was 89%. Before moving on to the next slide, I'd like to emphasize that our CapEx is heavily concentrated in the production curve, and the results are already evident as we were able to see in our record production.

因此，今年前九個月的現金投資總額為 129 億美元，不包括去年的結轉資金。資本支出和現金投資比率為 89%。在進入下一張投影片之前，我想強調一下，我們的資本支出主要集中在生產階段，而正如我們創紀錄的產量所表明的那樣，其結果已經很明顯了。

On slide 12, we present the company's debt history. We issued two new bonds in September maturing in 2030 and 2036 to the amount of USD1 billion each. It was a very successful operation with small spreads, relative to sovereign bonds demonstrating investor confidence in Petroleo Brasileiro . Gross debt reached USD70.7 billion , slightly above the previous quarters due to these fundings which strengthened our cash position in the period. Note that our net debt is stable. So the funding we raised, taking advantage of an opportunity window like other companies remained in cash.

第 12 張幻燈片展示了公司的債務歷史。我們在9月發行了兩隻新債券，分別於2030年和2036年到期，每隻債券金額為10億美元。此次操作非常成功，利差較小，與主權債券相比，顯示投資者對巴西石油公司充滿信心。。由於這些融資增強了我們在此期間的現金狀況，總債務達到 707 億美元，略高於前幾個季度。請注意，我們的淨債務保持穩定。因此，我們像其他公司一樣，抓住機會窗口籌集的資金都以現金形式保留了下來。

It's important to underscore that we remain within the debt ceiling set out by the business plan and that more than 60% of the total debt corresponds to leases of platforms, boats, and drills, which according to accounting standards must be included in the debt. We should also remember that this portion of leases is associated with assets that generate production and consequently revenue.

需要強調的是，我們的債務仍控制在商業計劃規定的上限之內，超過 60% 的總債務是平台、船舶和鑽機的租賃費用，根據會計準則，這些費用必須計入債務。我們還應該記住，這部分租賃與能夠產生生產並帶來收入的資產有關。

Next slide. On slide 13, we present the traditional slide on the company's shareholder remuneration policy. Our policy is flexible and ensures dividends compatible with different oil price scenarios without compromising the company's financial strength. We apply the formula set forth in the policy and we'll distribute 45% of the quarter's free cash flow.

下一張投影片。第 13 張投影片，我們展示了公司股東薪酬政策的傳統幻燈片。我們的政策靈活，確保股利能適應不同的油價趨勢，同時又不損害公司的財務實力。我們將按照政策中規定的公式，分配本季自由現金流的 45%。

So the Board of Directors approved the distribution of BRL12.2 billion as an advance payment on shareholder remuneration for the 2025 fiscal year to be paid in two equal installments in February and March 2026.

因此，董事會批准將 122 億雷亞爾作為 2025 財年股東薪酬的預付款進行分配，分兩期等額支付，分別於 2026 年 2 月和 3 月支付。

The next slide. All the company's work fronts translate into more synergy, higher revenues, and concrete results for the company, its shareholders, and Brazilian society. In addition to Petrobras's investments in the country and its social and environmental projects, we contribute to economic development through the payment of taxes. We are the company that invests the most in Brazil. From January to September 2025, our activities resulted in almost BRL200 billion in taxes for society. In the third-quarter-alone, we paid BRL68 billion in taxes.

下一張投影片。公司所有工作領域都將轉化為更大的綜效、更高的收入，並為公司、股東和巴西社會帶來實質成果。除了巴西石油公司在該國的投資及其社會和環境項目外，我們還透過繳稅為經濟發展做出貢獻。我們是在巴西投資最多的公司。從 2025 年 1 月到 9 月，我們的活動為社會帶來了近 2,000 億雷亞爾的稅收。光是第三季度，我們就繳了 680 億雷亞爾的稅。

This concludes our presentation with two major recent developments. On slide 15, we highlight the operating license from Ibama. Ibama received on October 20 for the drilling of the Morpfo exploratory well off the coast of Amapa. On the same day, we began drilling the well. This achievement was the result of an extensive and rigorous discussion process with Ibama.

我們的報告到此結束，主要介紹了近期兩項重大進展。在第 15 張投影片中，我們重點介紹了 Ibama 頒發的營運許可證。10 月 20 日，巴西環境與可再生資源研究所 (Ibama) 收到在阿馬帕海岸附近鑽探 Morpfo 勘探井的撥款。當天，我們就開始鑽井。這項成果是與巴西環境與再生資源研究所（Ibama）進行廣泛而嚴謹的討論過程的結果。

We fully complied with the licensing process and demonstrated the robustness of the company's structure for environmental protection with the highest safety standards. The estimated total depth of the Morpho well is over 7,000 metres which places it among the deepest wells ever drilled by Petrobras. This technical complexity reinforces our technological and operational capabilities. We will operate in the equatorial margin safely and responsibly.

我們完全遵守了許可流程，並證明了公司在環境保護方面擁有健全的架構，符合最高的安全標準。Morpho 油井的估計總深度超過 7000 米，使其成為巴西石油公司鑽探過的最深油井之一。這種技術複雜性增強了我們的技術和營運能力。我們將安全負責地在赤道邊緣進行作業。

The next slide shows a second piece of good news. The FPSO [Mondarey] excuse me, Almirante Tamandare which operates in the boozus field, reached a record instantaneous flow rate equivalent to 2,700,000 barrels of oil per day on October 25. The unit's nominal capacity is 225,000 barrels. So this increase is significant and was achieved without the need for new investments. This is a major achievement for Petrobras' engineering and exploration and production areas. These teams are working on a series of actions to increase production through efficiency gains. Currently we already have five more production units in addition to Almirante Tamandare which have received a favorable opinion from Ibama for capacity expansion.

下一張投影片展示了第二個好消息。在布祖斯油田作業的 FPSO（蒙達雷）——抱歉，是阿爾米蘭特·塔曼達雷號——於 10 月 25 日創下了瞬時流量紀錄，相當於每天 270 萬桶石油。該裝置的額定產能為 225,000 桶。因此，這一成長意義重大，而且是在無需新投資的情況下實現的。這對巴西石油公司的工程、勘探和生產領域來說是一項重大成就。這些團隊正在採取一系列措施，透過提高效率來增加產量。目前，除了 Almirante Tamandare 之外，我們還有五個生產單位，這些單位已獲得巴西環境與再生資源研究所 (Ibama) 的批准，可以擴大產能。

In total, these expansions without adding CapEx, add up to an increase of 115,000 barrels per day, strengthening our production capacity. Around 90,000 barrels per day of this capacity correspond to Petrobras's share.

總的來說，這些擴建項目無需增加資本支出，每天可增加 115,000 桶的產量，從而增強我們的生產能力。其中約9萬桶/日的產能屬於巴西石油公司（Petrobras）。

It's worth noting that for every 100,000 barrels of oil per day that we produce, we have an average of more than USD2 billion in additional revenue per year. All of these initiatives that we're implementing follow strict safety protocols and are preceded by careful engineering analysis in addition to the necessary authorizations from regulatory agencies. This concludes my presentation. All of the results presented here are the result of the collective effort of our teams, and I'd like to thank each Director, especially, Magda for her leadership.

值得注意的是，我們每天每生產 10 萬桶石油，每年平均可獲得超過 20 億美元的額外收入。我們正在實施的所有這些措施都遵循嚴格的安全規程，並且除了獲得監管機構的必要授權外，還經過了仔細的工程分析。我的演講到此結束。這裡展示的所有成果都是我們團隊共同努力的結果，我要感謝每一位總監，特別是感謝 Magda 的領導。

We will now be available to answer questions from analysts. Thank you.

現在我們將開始回答分析師提出的問題。謝謝。

Thank you, Fernando. Thank you for this presentation. We will now begin the question-and-answer session.

謝謝你，費爾南多。感謝您的演講。現在開始問答環節。

Vicente Falanga Neto, Bradesco.

維森特·法蘭加·內托，布拉德斯科。

Thank you, Magda, Fernando, and the entire Petrobras team. I have two questions. First, you explained it very well during your presentation that there was an acceleration in developing EP, but I'd like to understand from your efforts what has -- then the contribution of inflation in our industry to the results from FPSO also this acceleration in CapEx in 2025. Will it remove any constraints for the CapEx in 2026 or will it offset anything for 2026?

感謝瑪格達、費爾南多以及整個巴西石油公司團隊。我有兩個問題。首先，您在演講中很好地解釋了EP的發展正在加速，但我希望從您的努力中了解——通貨膨脹對我們行業FPSO業績的影響，以及2025年資本支出的加速增長。它會消除 2026 年資本支出的任何限制，還是會抵銷 2026 年的任何支出？

One of the -- the second question is, one of our main clients is Brascam, and they're accelerating their cash burn in a very concerning way. We see poor trends for petrochemical margins with unsustainable capital structures. We recently read on the press that this is being discussed at the level of Petrobras's Board. So, I'd like to understand a bit more about that.

第二個問題是，我們的主要客戶之一是 Brascam，他們的現金消耗速度非常令人擔憂。我們看到，由於資本結構不可持續，石化產業的利潤率呈現疲軟趨勢。我們最近從媒體上了解到，巴西石油公司董事會正在討論此事。所以，我想更深入地了解這方面的情況。

Since this is becoming an urgent matter, what options does Petrobras have on the table to prevent a drastic situation with the biggest petrochemical company in Latin America, which is one of your main clients. Thank you.

有鑑於此事已變得十分緊急，巴西石油公司有哪些應對方案可以避免與拉丁美洲最大的石化公司（也是貴公司的主要客戶之一）發生嚴重衝突？謝謝。

I'll hand it over to Fernando and then Renata can add to that answer. Go ahead, Fernando.

我把它交給費爾南多，然後雷納塔可以補充他的回答。請繼續，費爾南多。

Good morning. So let's start by talking about the Brazilian petrochemical industry. This is still a strategic area for us that is very important. Petrobras sees it as very relevant for our ecosystem around oil, so it is still very interesting. When it comes to breast scams specifically and the situation it's going through, it has its own governance that is definitely looking at their societal and cash issue. And we don't currently have anything on the table to discuss with them. We've got no proposals to discuss with them about among shareholders, and we're waiting for this moment.

早安.那麼，我們先來談談巴西的石化工業。這仍然是我們非常重要的一個戰略領域。巴西石油公司認為它與我們圍繞石油的生態系統息息相關，因此仍然非常有趣。就隆乳騙局及其現狀而言，它有其自身的管理機制，該機制肯定會關注其社會和經濟問題。目前我們沒有任何可以和他們討論的議題。我們目前沒有任何提案要與股東們討論，我們正在等待這個時機。

We hope that it is soon, but they have their own governance, and we cannot say anything if we don't have any proposals on the table for discussion for assessment. And this will need to be an investment that makes sense and brings value for Petrobras' shareholders. Concerning CapEx, I'll hand it over to Renata, but I can say that our CapEx has no increase due to inflation.

我們希望此事能盡快解決，但他們有自己的管理體系，如果我們沒有提案供討論和評估，我們也不能發表任何意見。而且，這項投資必須合理，能夠為巴西石油公司的股東帶來價值。關於資本支出，我會交給雷納塔來處理，但我可以肯定地說，由於通貨膨脹，我們的資本支出並沒有增加。

Meaning that we our accelerating investments, as I said earlier, investments are being accelerated in the company and projects remain the same, so if I take a project that has a certain budget allocated, this is not going to go up, but we are advancing some of these things. Renato will add to that.

這意味著我們正在加速投資，正如我之前所說，公司正在加速投資，專案保持不變，所以如果我拿一個已經分配了一定預算的專案來說，預算不會增加，但我們正在推進其中一些專案。雷納托會補充這一點。

Thank you for the question. As Fernando said, there is no inflation, it's quite the opposite. We are looking at a stabilization and actually price reduction, especially in the subsea area. We reached high levels in 2024, but we undertook several actions, bringing several players to Brazil. And with that, we were able to get more competitive prices. When it comes for instance to the FPSOs, CAP 1 and 2 received three proposals and the only reason it did not receive the fourth proposal was that one company missed the deadline.

謝謝你的提問。正如費爾南多所說，根本沒有通貨膨脹，情況恰恰相反。我們正在觀察價格的穩定和下降，尤其是在海底領域。我們在 2024 年達到了很高的水平，但我們採取了一些行動，將幾名球員帶到了巴西。這樣一來，我們就能獲得更具競爭力的價格。例如，就 FPSO 而言，CAP 1 和 2 收到了三份提案，之所以沒有收到第四份提案，唯一的原因是其中一家公司錯過了截止日期。

But we can't even remember the last time we had four new proposals from companies proposing to us, so competitiveness is back and we're really speeding up investments as you can see from the results of E&P production. Most of it, it's not only about FPSO, just a reminder. We also had new Interconnections between wells and rigs, we're also interconnecting an additional 40% vis a vis what we did last year up until October, and we still have two more months for new interconnections and all of that is bringing more oil to the company and all of that means investment in CapEx. We have no expectations of reducing that.

但我們甚至記不清上一次有四家公司向我們提交新的提案是什麼時候了，所以競爭力又回來了，正如你從勘探與生產的結果中看到的那樣，我們正在加快投資。大部分內容並非只與FPSO有關，只是提醒一下。我們也實現了油井和鑽井平台之間的新互連，與去年10月份相比，我們的互連量增加了40%，而且我們還有兩個月的時間可以進行新的互連，所有這些都將為公司帶來更多的石油，所有這些都意味著資本支出方面的投資。我們不期望減少這種情況。

Next year we'll still keep up the investment so that we can anticipate the projects more and more. One very important example to us is P-79. When we took office, we had no expectations as to when P-79 was going to leave the shipyard, and people were talking about August 2026, and it will come out of the shipyard next Monday, November 10. It will leave the Korean shipyard. So it's all about management. This is what we're doing. There's no additional money. It's all about management and monitoring so that we can deliver the projects within the expected costs, quality, deadlines, and safety levels.

明年我們將繼續加大投資，以便更好地預測專案進度。對我們來說，P-79 就是一個非常重要的例子。我們上任時，對於 P-79 何時離開造船廠沒有任何預期，人們都在談論 2026 年 8 月，而它將於下週一，也就是 11 月 10 日離開造船廠。它將離開韓國造船廠。所以關鍵在於管理。這就是我們正在做的事情。沒有額外的資金。關鍵在於管理和監控，以便我們能夠在預期的成本、品質、期限和安全水準內交付專案。

Monique Greco, Itau.

莫妮克·格雷科，伊塔烏。

Hello, everybody. Good morning. Thanks for the opportunity to ask questions. First, I want to congratulate you on the operational performance of the quarter. It was really solid, so congratulations to the teams involved. I'll, pick up on the CapEx question. Maybe changing perspectives a little bit, and that goes to Renata. Picking up on what she said, with this acceleration that we're currently seeing.

大家好。早安.感謝您給我提問的機會。首先，我要祝賀你們本季的營運表現。表現非常出色，恭喜所有參賽隊伍。我來回答資本支出問題。或許可以稍微換個角度來看，這要歸功於雷納塔。正如她所說，我們目前看到的這種加速發展趨勢。

Should we see a reduction in CapEx in the midterm, maybe, you said that not for next year, but maybe 2027, 2028, should we see a reduction, given the fact that you're able to anticipate the CapEx a bit and still the same question, how does the company intend to balance out in the short-term? This CapEx with the need to maybe tighten the seatbelts, so to speak, in a context of lower oil prices.

我們是否應該在中期內看到資本支出減少？也許吧，您說過明年不會，但也許在 2027 年、2028 年，考慮到您能夠對資本支出進行一些預測，我們是否應該看到減少？但問題仍然存在，公司打算如何在短期內實現收支平衡？在油價走低的背景下，這項資本支出可能需要「收緊安全帶」。

And the second question that may also go to Renata, is that considering your big feat in with Almirechi Tamandarea, and given the fact that you were able to increase capacity with no additional costs, what do you see in terms of total increment capacity in Buzios with similar measures from the perspective of engineering? Can you increase capacity by 20% in other Buzios rigs which are more complex P-78, P-83. Would that also be possible?

第二個問題也可能問雷納塔，考慮到你在 Almirechi Tamandarea 取得的巨大成就，以及你能夠在不增加額外成本的情況下提高產能，從工程角度來看，你認為在 Buzios 採取類似措施，總產能會增加多少？能否將其他更複雜的 Buzios 鑽井平台（如 P-78、P-83）的產能提高 20%？這樣也行得通嗎？

And if that is possible, I mean, if you're able to add additional capacity with no CapEx to the other rigs as well, would that allow the Buzios project to be reconsidered about its need?

如果這是可能的，我的意思是，如果能夠在不增加資本支出的情況下為其他鑽井平台增加額外的產能，那麼是否可以重新考慮布齊奧斯專案的必要性？

Thank you. You have a lot of work to do today. I know. Hi, Monique. I actually joked about this in an interview. At the end of the day what you're trying to understand is what our strategic plan looks like for the next five years. It's all about who's the murderer, right? Everybody wants to know who the murderer is, but we are going to publish our new strategic plan on November 27, and you will have the possibility of seeing it looks like for the upcurs about the possibility of us increasing the capacity of other rigs.

謝謝。你今天有很多工作要做。我知道。你好，莫妮克。我曾在一次採訪中拿這件事開過玩笑。歸根究底，你想要了解的是我們未來五年的策略規劃是什麼樣的。關鍵在於誰是兇手，對吧？每個人都想知道兇手是誰，但我們將在 11 月 27 日公佈新的戰略計劃，屆時您將有機會了解我們提高其他鑽井平台產能的可能性。

I'll give the floor to Sylvia, but before that, I can tell you upfront that for our own platforms or rigs, the engineering department has been analyzing up to what point we can take our prediction. We have P-71 and P-70 to P. It's producing more. The capacity is 150. It produces at 159. So we have requested a study for P-78 that will start production next month and P-79 as well, but we don't have an answer yet. Sylvia ?

接下來我將把發言權交給西爾維亞，但在此之前，我可以提前告訴大家，對於我們自己的平台或鑽井平台，工程部門一直在分析我們的預測可以達到什麼程度。我們有 P-71 和 P-70 到 P。它的產量正在增加。容量為150。它的產量為 159。因此，我們已經要求對下個月開始生產的 P-78 和 P-79 進行研究，但我們目前還沒有得到回應。西爾維亞？

Hello Monique. Good morning. This process, to increase capacity was a very well thought out process. We talked to the manufacturer to discuss the potential. We are talking about extremely productive reservoirs, [Amiran Chamandare] and five wells, and we heard from the manufacturer and from the engineering department and the regulator, the classifying society, and we did a very thorough technical work to check the possibility. We saw it's possible and that it applies to other areas and we'll do that for every unit where that can be applied.

你好，莫妮克。早安.這次提高產能的過程是經過深思熟慮的。我們與製造商進行了溝通，並探討了這種可能性。我們談論的是產量極高的油藏[Amiran Chamandare]和五口井，我們聽取了製造商、工程部門、監管機構和船級社的意見，並進行了非常徹底的技術工作來檢驗這種可能性。我們發現這是可行的，也適用於其他領域，我們將對所有適用的單位都這樣做。

As Renata said, we're applying it to our own platforms and in some cases such as P-71, we had done that last year with the installation of a valve that allowed us to increase the production by 10,000 barrels per day. So it's a technical adjustment. But any such type of adjustment is made on an individual basis for each unit after rigorous technical assessments and discussions with the classifying society and other stakeholders.

正如雷納塔所說，我們正在將其應用到我們自己的平台上，在某些情況下，例如 P-71，我們去年就安裝了一個閥門，使我們能夠每天增加 10,000 桶的產量。所以這只是技術上的調整。但任何此類調整都是在經過嚴格的技術評估並與船級社和其他利益相關者討論後，針對每個單元單獨進行的。

Aand that also makes a reality Buzios . It's a spectacular reservoir, a huge field. Each well is producing results. There's a rock and cavity structure that often produces even more than we'd initially expected, and that's why we received almost 1 million barrels that we celebrated. And it's awesome.

這也讓布齊奧斯成為了現實。這是一個壯觀的水庫，一片巨大的田野。每口井都在產油。那裡有一種岩石和空腔結構，經常能產出比我們最初預期還要多的石油，這就是為什麼我們獲得了近 100 萬桶石油，我們為此慶祝。太棒了。

Good to remind everybody that we were awarded the OPC award due to the Buzios's prediction that was last week. So each unit will be reviewed whenever there's an opportunity. Meanwhile I can know about that. It's a very positive piece of information for everybody.

提醒大家一下，我們之所以獲得 OPC 獎，是因為 Buzios 上週的預測。因此，只要有機會，每個單元都會進行審查。同時，我可以了解這件事。這對每個人來說都是一個非常正面的訊息。

[Chicago Casquera], Morgan Stanley

[芝加哥卡斯克拉]，摩根士丹利

Thank you, I do. And good morning, Petrobras team. I have a quick follow-up to Monique's question and two more questions. The follow-up is that when it comes to increasing capacity above a nominal capacity, how bureaucratic would it be to get an approval, let's say for instance that you find opportunities in other projects. How bureaucratic would that process be? I mean, for you to get an approval, would it be quick or would it take longer?

謝謝，我同意。早上好，巴西石油公司團隊。我有一個針對莫妮克問題的快速後續問題，以及另外兩個問題。後續問題是，當需要將產能提高到名義產能以上時，例如，假設你在其他專案中發現了機會，那麼獲得批准的官僚程序會有多繁瑣。這個過程會有多繁瑣？我的意思是，你申請的審核流程是很快還是會比較長？

And my two other questions, I know that we'll discuss that further in the business plan, but going back to optimization and simplification of projects, so what are the main discussions currently about Buzios 12 and what could be done there? How does it fit that perspective?

我的另外兩個問題，我知道我們會在商業計劃中進一步討論，但回到專案的優化和簡化上來，目前關於 Buzios 12 的主要討論是什麼，以及可以做些什麼？它如何契合這種觀點？

And the second question is about the provisional measure from last week. What's your initial take on it, about the potential impacts of the provisional measure, and also I'd like to understand how it could be, could affect the decisions to invest in refit projects.

第二個問題是關於上週的臨時措施。您對此臨時措施的潛在影響有何初步看法？另外，我想了解一下，這項措施可能會如何影響對翻新專案進行投資的決策。

Thank you.

謝謝。

Good morning, [Bruno]. Well, capacity expansion is a very technical, process, but it does not take too long. I'm [anent Tamanda]. We started the process in February, and the entire process was initially discussed and we got an approval from Ibama, so it's not a bureaucratic or extremely long process. The entire technical team is involved associated with the classifying body and the agencies.

早安,[布魯諾]產能擴張是一個非常複雜的技術過程，但並不需要太長時間。我是[關於塔曼達]。我們從二月開始實施該流程，整個流程最初經過討論，並獲得了巴西環境與可再生資源研究所 (Ibama) 的批准，所以這不是一個官僚主義或極其漫長的流程。整個技術團隊都參與其中，他們與分類機構和相關部門有關。

For Buzios 12, I think Buzios will be yet another project that we will review. And well, the fact that there is now we're in the bidding process now and Renato can give us more information about that and what we're trying to do for all of these units is to really simplify the projects and to have leaner projects that allow us to achieve more competitiveness and seeking out new players, so that we can have a competition level that allows us to reach amounts that give us technical and economic competitiveness.

對於 Buzios 12，我認為 Buzios 將是我們將要評測的另一個項目。而現在，我們已經進入了競標過程，雷納托可以給我們更多相關資訊。我們正在努力簡化所有這些項目，使項目更加精簡，從而提高競爭力，並尋找新的參與者，以便我們能夠達到一定的競爭水平，從而獲得技術和經濟上的競爭力。

Before we started the bidding process for Buzios 12, we asked the market to send us simplification suggestions for the technical specifications. We received many suggestions, many of which were implemented and with that, we were able to bring down the weight of the top side by 20%.

在開始 Buzios 12 的招標流程之前，我們要求市場向我們提供技術規格方面的簡化建議。我們收到了許多建議，其中許多建議都得到了實施，因此，我們得以將頂部重量減輕 20%。

So it was a highly integrated process and a joint effort with the market and for Boozios 12, we allow for even greater flexibility for companies to suggest even more for simplifications. So our expectations for booster 12 are big to give you an idea in terms of pre-qualified companies for the booster 12 bid, we have 12 companies for BOT and 12 EPC companies, and they have to be combined. So theoretically we could have even we can come to the point of having 12 proposals with simplification suggestions.

因此，這是一個高度整合的過程，也是與市場的共同努力。對於 Boozios 12，我們允許公司擁有更大的靈活性，並提出更多簡化建議。因此，我們對第 12 輪增援計畫的期望很高。為了讓您了解第 12 輪增援計畫投標的預審合格公司數量，我們有 12 家 BOT 公司和 12 家 EPC 公司，它們必須合併在一起。所以理論上，我們甚至可以得到 12 個有簡化建議的提案。

Thank you very much. Well, about the provisional measure, it's not yet final or approved.

非常感謝。關於這項臨時措施，它尚未最終確定或獲得批准。

So let's wait for it, but in any case, there are a few things we can say in terms of oil re-injection. Well, re-injection is fundamentally decided based on our fluid, our reservoir, and our volume. For instance, areas with an extremely high amount of CO2, it's, they're basically impossible to work with if you do not re-inject. So it is connected directly to the project, so we need to be careful about that.

所以讓我們拭目以待，但無論如何，關於機油再注入，我們可以說幾句。嗯，回注從根本上取決於我們的流體、儲層和體積。例如，在二氧化碳含量極高的地區，如果不進行再注入，基本上無法進行作業。所以它與項目直接相關，因此我們需要對此保持謹慎。

And the second thing is the reference price. Obviously, when we're talking about a huge super giants, everything gets adjusted, but if you talk about the campus basin, that has a big number of mature fields and we're now in the middle of a renovation process and that requires, I mean, margins are smaller, so any addition in the values may render it unfeasible. So it's a big risk for each type of project.

第二點是參考價格。顯然，當我們談論的是超級大戶時，一切都會進行調整，但如果你談論的是校園盆地，那裡有大量成熟的油田，而我們現在正處於改造過程中，這意味著利潤空間較小，因此任何價值的增加都可能使其變得不可行。所以，對於每種類型的專案來說，這都是一個巨大的風險。

In the specific case of the compass basin, which is very mature, like I said, the risk of Increasing a collection may render the renovation unfeasible, and I think the renovation is going really well. We have very good goals for the campus basin. We'll not forget it. Once again, we want to go back to producing 1 million barrels at the compass basin and an increase may lead to the possibility of that happening. Or an impossibility of that happening.

就羅盤盆而言，它已經非常成熟了，正如我所說，增加藏品數量的風險可能會使翻新變得不可行，但我認為翻新工作進展得非常順利。我們對校園盆地有非常好的目標。我們不會忘記的。我們再次希望將羅盤盆地的石油產量恢復到 100 萬桶，而產量的增加可能會使這一目標成為可能。或者說，這根本不可能發生。

Jeorgie Gebrich, Scotiabank.

Jeorgie Gebrich，加拿大豐業銀行。

Thank you for taking my questions. First, congratulations on the operational results. I have two questions. One about refining, and the second about the decision-making process for the CapEx. First, about refining, we've been seeing a very high level of utilization even with the downtimes. Would you consider that this level is sustainable? Do you have any comments? I mean, what's the operational, security, or cap that we could think about.

謝謝您回答我的問題。首先，祝賀你們取得了良好的營運成果。我有兩個問題。一份是關於精煉的，另一份是關於資本支出的決策過程。首先，關於煉油，即使有停機時間，我們也看到煉油利用率非常高。您認為這種水平是可持續的嗎？您有什麼意見嗎？我的意思是，我們可以考慮哪些營運、安全或上限的限制？

And the second question is, I'd like to understand what the decision-making process is like between leasing and owning the FPSO? What's the capital benchmarking that you use in your decision-making process to define whether you're going to adopt one strategy, or the other?

第二個問題是，我想了解租賃和擁有FPSO之間的決策過程是怎麼樣的？在決策過程中，您使用什麼資本基準來決定採用哪一種策略？

Thank you. I'll go for to William first. We'll talk about refining.

謝謝。我先去找威廉。我們將討論精煉的問題。

Good morning, everybody. Good morning, Jorge. Thanks for the question. Well, the use of refineries considers the processed loads versus the reference load of units. A reference load is obviously authorized by the regulator, the Brazilian oil agency and the capacity of projects and equipment guaranteeing reliability, security, and sustainability of that load over the course of the entire campaign of that unit. So the FUTs are aligned with the reference load and they're required, it's a requirement from the logistics sector of the company under Director Claudio and he defines the logistic capacity for the period.

各位早安。早安，豪爾赫。謝謝你的提問。煉油廠的使用情況取決於加工負荷與裝置的參考負荷。參考負荷顯然是由監管機構、巴西石油機構以及專案和設備的容量授權的，這些專案和設備保證了該負荷在裝置整個運作期間的可靠性、安全性和可持續性。因此，FUT 與參考負荷一致，並且是必要的，這是公司物流部門在 Claudio 總監領導下提出的要求，他定義了該時期的物流能力。

And I'd like to highlight that for this period in August we had an FUT of 98%. It's an average FUT because it considers some scheduled downtimes that units have to go through to guarantee equipment integrity and to perform maintenance that occurs periodically, usually every three, four or five years. So that's analyzed, but in August it was at 98%. So yes, for close to the limit of reaching the cap at the units and this is a number that is planned once again by the logistics and trade area.

我想強調的是，在 8 月的這段時間裡，我們的 FUT 達到了 98%。這是平均 FUT，因為它考慮了設備必須經歷的一些計劃停機時間，以確保設備的完整性並執行定期進行的維護，通常每三、四或五年進行一次。分析結果顯示，8 月的比例為 98%。是的，這已經接近單位數量的上限，而物流和貿易領域再次規劃了這個數字。

I'd like to say that we are working with a high reliability scenario working in integration and we expect even better results for the last quarter. Highlighting that for the last quarter, we'll have a long downtime for the [Vredo Paraiba] refinery dissolation. It's a large unit of 240,000 barrels per day in terms of processing power and so it is undergoing. A scheduled downtime and go back to operation in the beginning of December, the results will, of course, this downtime will have to be accounted for in the FEUT. Thank you.

我想說，我們在整合工作中採用了高可靠性方案，我們預計最後一個季度會取得更好的成績。需要強調的是，由於[Vredo Paraiba]煉油廠的拆除，最後一個季度我們將有很長的停產期。就處理能力而言，這是一個日處理能力達 24 萬桶的大型裝置，因此它正在經歷…計劃停機，並於 12 月初恢復運行，結果當然會受到影響，此次停機時間必須在 FEUT 中予以考慮。謝謝。

Well, George, there's no benchmarking for the contracting models at Petrobras. The, we have a standard defined by Sylvia's department that based on Petrobras' internal technical capacity, for instance, sometimes our engineering department is overburdened with too much work and we do not have enough headcount or depending on the supplier market, the company's financial capabilities. I mean, there's a series of factors that are taken into account in a risk analysis based on which we consider the best alternative for the company for that specific moment in time in that specific project.

喬治，巴西石油公司的合約模式沒有基準可循。因此，我們有西爾維亞部門制定的標準，該標準基於巴西石油公司的內部技術能力，例如，有時我們的工程部門工作量過大，而我們人手不足，或取決於供應商市場和公司的財務能力。我的意思是，風險分析中會考慮一系列因素，我們會根據這些因素，為公司在特定時間、特定專案中選擇最佳方案。

So there's no preference for one model versus the other. It's all about a technical decision after looking at the market and the company's internal conditions.

所以，這兩種型號之間沒有偏好關係。這完全是在考察市場和公司內部情況後做出的技術性決策。

Thank you, Renata.

謝謝你，雷納塔。

[Guilherme Khosa], Goldman Sachs.

[Guilherme Khosa]，高盛。

Thank you, Eduardo. Good afternoon. Congratulations, Renata, Sylvia, and the entire Petrobras team on the great results. My first question is a follow-up to my -- to the previous questions. The platforms that are running with production above nominal capacity, how sustainable is this level of production? Could we say that this is a new plateau for the production of these rigs?

謝謝你，愛德華多。午安.恭喜 Renata、Sylvia 以及整個 Petrobras 團隊取得如此優異的成績。我的第一個問題是對我之前問題的後續。那些產能超過額定產能的平台，這種產能水準的可持續性又如何？我們是否可以說這是此類鑽井平台生產的新高峰期？

And my second question is about capital allocation. You've been very vocal when it comes to being careful with OpEx and thinking about remuneration to shareholders. Are there any discussions about potential changes to the company's internal policies given the scenario for next year?

我的第二個問題是關於資本配置的。您一直以來都非常重視謹慎控制營運支出，並考慮股東回報。鑑於明年的情況，公司內部政策是否有任何潛在的變更討論？

And about M&A in last year's strategic plan, we talked extensively about the ethanol market. Do you have any updates about the discussions since then and also about the return to liquid natural gas? Was there any change or progress or approval by the Board? And lastly, one last question about M&A. What's the company's appetite for the reserve capacity auction for next year? Thank you.

在去年的策略計畫中，我們廣泛討論了併購問題，特別是乙醇市場。自那時以來，關於相關討論以及恢復使用液化天然氣的問題，您有什麼最新進展嗎？董事會是否有任何變更、進度或批准？最後，還有一個關於併購的問題。該公司對明年的備用容量拍賣有多少興趣？謝謝。

Thank you, [Guillerme] That's a lot of questions. Well, I'll give it for to Renata.

謝謝你，[Guillerme]。問題真多。好吧，我把它送給雷娜塔。

Good morning. About the production peak, basically, whenever we outline a development plan for a field, there's a ramp up in production, it reaches a plateau and then it decreases. So the production expectations are based mainly on the reservoir's characteristics and availability and all that. So we always try to reach a to use a rig where the highest VPL is achieved. We usually design a rig for a production peak, and given the response of the reservoir with higher productivity, the peak was augmented, but the production peak is a restricted period during the operations of the fields.

早安.關於產量高峰，基本上，每當我們為一個油田制定開發計畫時，產量都會先上升，達到一個平台期，然後下降。因此，產量預期主要取決於油藏的特性和可用性等等。所以我們總是努力使用能夠實現最高 VPL 的鑽孔機。我們通常會根據生產高峰期來設計鑽孔機，考慮到儲層產能提高，高峰期也會相應增加，但生產高峰期在油田作業期間是一個有限的時期。

After that, it will go down in production, as is usually the case. So this Increase in production is temporary in the production curve. So we'll always try to reach it, but it is in within the field's development plan, basically based on the capacity of the reservoir.

之後，它的產量就會下降，這通常是常態。因此，這種產量成長在生產曲線上是暫時的。所以我們會一直努力達到這個目標，但這基本上是在油田開發計畫的框架內，取決於油藏的容量。

Thank you, Sylvia. I'll give the floor to Fernando and Angelica if she has any comments.

謝謝你，西爾維亞。如果安吉莉卡有什麼要說的，我會把發言權交給費爾南多和她。

Okay, so about all of this that we are discussing, I think the right word here is caution. Considering that there are no changes in policy, we intend to continue holding it. And we believe that it's sustainable, and there are other things that we can do before we change the dividend policy.

好的，關於我們正在討論的所有這些問題，我認為最恰當的詞是謹慎。鑑於政策沒有變化，我們打算繼續持有該項股份。我們相信這是可持續的，而且在改變股利政策之前，我們還可以做其他事情。

And M&A, everything we do goes through several scenarios. You need to be positive across all of them, so create value with shareholders, whether they are in the government or private. And the second point is that you need to have cash or sustainable cash long-term that will in which it will make sense to allocate capital to this investment. So nothing will be done if these conditions are not met. And obviously, if there's a lot of pressure on Brent, we have the possibility of postponing any investments that have been contracted.

而併購方面，我們所做的每一件事都會經歷多種不同的情況。你需要對所有人都保持積極的態度，從而為股東創造價值，無論他們是政府部門還是私部門的股東。第二點是，你需要有現金或可持續的長期現金流，這樣將資金分配給這項投資才有意義。所以，如果這些條件不滿足，就不會採取任何行動。顯然，如果布蘭特原油價格面臨很大壓力，我們有可能推遲任何已簽訂合約的投資。

Thank you, Fernando, Angelica.

謝謝你們，費爾南多，安吉莉卡。

Good morning, [Guillerme]. So about ethanol, we still strongly believe that ethanol is the strategic driver to achieve low carbon. In our strategic plan, we foresee the addition of renewables by 2050 around 8% to 11% renewables in our primary energy matrix. And so we're negotiating with partners about the possibility of going into this market through a minority stake.

早安,[吉列爾梅]所以關於乙醇，我們仍然堅信乙醇是實現低碳發展的戰略驅動力。在我們的策略計畫中，我們預計到 2050 年，再生能源在我們一次能源結構中的比例將達到 8% 至 11%。因此，我們正在與合作夥伴協商，探討透過持有少數股權進入這個市場的可能性。

Considering our RL cap, which is your next question, we have about 3 gigawatts of energy to sell in this auction, we I think it will be difficult when it comes to the two allocating the transportation tariff, but We're speaking with the government to find some alternatives to allocate this transportation tariff.

考慮到我們的RL上限（這也是您下一個問題），我們在此次拍賣中大約有3吉瓦的能源要出售，我認為在分配運輸費用方面會比較困難，但我們正在與政府協商，尋找分配這部分運輸費用的替代方案。

[Jess Cardozo, XP]

[潔西卡多佐，XP]

Thank you, Eduardo. Thank you for the space and the entire Petress team for these excellent results. Referring back to capbacks and also the equatorial margin. I'm wondering if you found new evidence that reinforced the potential of the equatorial margin, if we understand how long it will take to develop it. And on a broader sense, if you have Plan B for the equatorial margin basin. You, I don't know how, if you have any evidence that will confirm or not confirm your previous assumptions.

謝謝你，愛德華多。感謝你們提供的場地，也感謝 Petress 團隊的出色成果。回顧一下回落區和赤道邊緣。我想知道您是否發現了新的證據，從而強化了赤道邊緣的潛力，以及我們是否了解它需要多長時間才能形成。從更廣義的角度來看，如果你有針對赤道邊緣盆地的 B 計畫。我不知道你是否有任何證據可以證實或否定你先前的假設。

So when you accelerate CapEx, that has a short-term. Effect in bread prices, and this coincides with oil prices dropping, so I don't know if this is something that you'd figure into your calculation, but still on acceleration, another question I have is that when I see the number of wells, especially in booze use, there seems to be more wells per platform than we would need to meet this capacity given the productivity of the well itself.

所以，當你加快資本支出時，那隻會帶來短期效益。麵包價格受到影響，這與油價下跌同時發生，所以我不知道這是否是你會考慮的因素，但說到加速生產，我還有一個問題，當我看到油井的數量時，尤其是在酒類消費方面，似乎每個平台上的油井數量都超過了我們根據油井本身的產量來滿足這種產能所需的數量。

So does it make sense to drill these wells beforehand, or would it make sense to reduce the number of drills? So that's my question. Thank you.

那麼，事先鑽這些井是否有意義，還是減少鑽井次數比較有意義？這就是我的問題。謝謝。

Thank you, Jesus. Sylvia and Renato will answer your question.

感謝耶穌。Sylvia 和 Renato 會回答你的問題。

So first, about the equatorial margin, first of all, we're very happy with the environmental license, and I'll explain the potential we see for it. We started 95 million years ago when the sea close to Brazil and, well, when Brazil was closer to Africa and you had a small sea there that created all of these generating rocks, and this is what led to the development of oil in Ghana. We found it edge and then Jubilee, and the same was detected in French Guiana with Jubilee and in Mesa.

首先，關於赤道邊緣，首先，我們對環境許可證非常滿意，接下來我將解釋我們看到的潛力。我們從 9,500 萬年前說起，當時巴西附近的海域，以及巴西更靠近非洲的時候，那裡有一片小海域，形成了所有這些生成岩石，而這正是加納石油開發的根源。我們在 Edge 和 Jubilee 中發現了它，在法屬圭亞那的 Jubilee 和 Mesa 中也發現了同樣的現象。

In the Guyana basin, so. This potential also is true for Brazil. The same reservoirs that they found in Ghana, in French Guiana, and Guyana are dated to the same times as the reservoir that we found here. So the fact that we are drilling for it in Nama pa refers to the these other basins. So we're going to test if the same generation process was effective here, if the quality that we have in this reservoir is the same as we expect, if there was a migration.

在圭亞那盆地，情況也是如此。巴西也具備這種潛力。他們在加納、法屬圭亞那和圭亞那發現的水庫，其形成年代與我們在這裡發現的水庫相同。所以，我們在納馬帕盆地鑽探這種礦物，指的是其他盆地。所以我們要測試同樣的生成過程在這裡是否有效，這個油藏中的油品品質是否與我們預期的一樣，是否有遷移。

So this first well will allow us to understand what the basin is like, but this is not enough. We are already planning for eight wells in the region, and in Rio Grande do Norte, we had two endings with Smaller volumes, not enough for us to place a unit, but now, after Morpho, we are drilling one more well in Rio Grande do Norte.

因此，這第一口井將使我們能夠了解盆地的情況，但這還不夠。我們已經計劃在該地區鑽探八口井，在北里奧格蘭德州，我們有兩個井口，但儲量較小，不足以讓我們部署一個裝置，但現在，在 Morpho 之後，我們正在北里奧格蘭德州再鑽一口井。

Depending on how much accumulation there is there, we might have a production hub to And in the Mapa we're still drilling the first well. We need to find oil, but regardless of the fact of finding it or not, we will need to drill other wells. We celebrated the fact that we got this environmental license, but this is just a license, and you can only find well. Excuse me, oils after you drill the well. So, after we understand that, we will need to drill other wells to see these occurrences.

根據那裡的儲量情況，我們可能會建立一個生產中心。在馬帕地區，我們仍在鑽探第一口井。我們需要找到石油，但無論是否找到石油，我們都需要鑽其他油井。我們慶祝獲得了這張環境許可證，但這只是一張許可證，你只能找到一個好地方。不好意思，鑽井後要用油。所以，在了解了這一點之後，我們需要鑽其他井來觀察這些現象。

So to set expectations, we're hoping to find oil in this well, but if it's not in this one, we might find it in other ones. And again in the compost basin, we've only found it on the ninth well drilled. So the biggest success factor here is having sim geological similarities. And but they can only be considered truly identical if we get the same results, so we are waiting.

所以，為了讓大家對預期有所了解，我們希望在這口井裡找到石油，但如果這口井裡沒有，我們可能會在其他井裡找到。同樣在堆肥池中，我們只在鑽的第九口井中發現了它。因此，最大的成功因素是擁有相似的地質特徵。但是，只有當我們得到相同的結果時，它們才能被認為是真正相同的，所以我們還在等待。

Thank you, Sylvia. Go ahead, Renata.

謝謝你，西爾維亞。請繼續，雷娜塔。

Hedges to talk a little bit about rent balance. It is not impacted by advance payments. What is the project's VPL? It increases significantly as you have an advance of your revenue, so, This is not being impacted. What impacts are the balance. Brent is a twist of the project. As we're trying to simplify a project that improves the branch balance. So this affects everything, rigs, and all this, subsidies considering wells, why are we still drilling in busios, for example?

雙方將就租金平衡問題進行一些討論。預付款不影響其效果。該專案的VPL是什麼？隨著你的收入提前到賬，它會增加很多，所以，這不會受到影響。影響因素有哪些？平衡點在哪裡？布倫特是這個計畫的轉捩點。我們正在努力簡化一個能夠改善分公司平衡的計畫。所以這會影響一切，鑽井平台等等，考慮到油井的補貼，例如，為什麼我們仍在商業領域鑽探？

You saw that the omitam on that rig each well produces $500,000 to 60,000 barrels per day. If one of them is left out, that's a major loss for Petrobras. So we need to have reserve. Wells, that's one thing. On the other hand, the inventory we have of wells ready due to the increase in interconnections is going down fast. So we need to keep up the same pace as we conclude drilling wells, but we always need to look at our fleet.

你看到，該鑽井平台上的每口井每天可產出價值 50 萬至 6 萬桶的原油。如果其中一人落選，對巴西石油公司來說將是重大損失。所以我們需要有儲備。嗯，這是一件事。另一方面，由於互聯互通的增加，我們現有的可用油井庫存正在迅速減少。因此，我們在完成鑽井作業的同時，需要保持相同的速度，但我們始終需要關注我們的船隊。

And some companies in Brazil that drill for oil came to us to ask if we could share probes with them. So this is one of the opportunities that we have if we see that we're going too fast. We can slow down our pace In the pace in which we drill our wells, but for now, this is not the case. If we continue at the same pace with interconnections very soon. Wells will go into the, to their critical zone where having a very healthy dispute or competition here in the engineering team because no one wants to get into that critical zone.

巴西的一些石油鑽探公司找到我們，詢問我們是否可以與他們分享探測器。所以，如果我們發現自己發展得太快，這就是我們所擁有的機會之一。我們可以放慢鑽井的速度，但目前情況並非如此。如果我們繼續保持目前的互聯互通速度，那麼互聯互通很快就會實現。Wells 將進入他們的臨界區，在那裡工程團隊內部會出現非常健康的爭論或競爭，因為沒有人想進入那個臨界區。

(Operator Instructions)

（操作說明）

Tasso Vasconcellos, UBS.

Tasso Vasconcellos，瑞銀集團。

Okay, so sticking to one question. I'd like to go back to that issue on balancing use sources. I'd like to understand. How you're adjusting the company's spending. We've spoken about CapEx, but I'd also like to ask about OpEx. I know that you're going to give more details about this plan at the end of the month, but I'd just like to know how this process is going. How you're thinking of balancing these two pillars and where do you see the most opportunities or the highest potential to reduce expenses, whether in CapEx or OpEx, and in what areas? That's all, thank you.

好的，那就只問一個問題。我想再討論一下平衡資源使用的問題。我想了解一下。您是如何調整公司支出的？我們已經討論過資本支出，但我還想問一下營運支出的情況。我知道您會在月底公佈該計劃的更多細節，但我現在只想知道這個過程進展如何。您打算如何平衡這兩大支柱？您認為在資本支出或營運支出方面，哪些領域最有機會或最具潛力降低成本？就這些，謝謝。

Thank you, Tasso, Fernando ?

謝謝你，塔索，費爾南多？

Good morning, Tesso So We're going to publish that plan in the next two weeks, and of course, there's pressure from society and from you to provide information beforehand, but I can only speak about it at a superficial level because we're going to go into details when the time comes. The biggest issue that we're seeing right now in our balance and our results refers to production.

早安，Tesso。我們將在未來兩週內公佈該計劃。當然，社會和你們都希望我們提前提供信息，但我只能淺談，因為到時候我們會詳細說明。目前我們在平衡和業績方面看到的最大問題是生產。

There are two very important verticals, cost, and revenue. From the revenue perspective, we're increasing the amounts, and that improves the conditions for our plans, the results that we are currently having, and our future perspectives from the OE and CapEx perspective. We're being very cautious, as I mentioned before.

有兩個非常重要的垂直領域：成本和收入。從收入的角度來看，我們正在增加投入，這改善了我們計劃的條件，提高了我們目前的成果，也改善了我們從營運效率和資本支出角度來看的未來前景。正如我之前提到的，我們非常謹慎。

There is a risk of rent prices going up next year because we believe that The future scenario will lead us in that direction, and that of course needs to be related to our confidence level and strategic planning. It will continue to be high, and we will definitely have The possibilities of making adjustments. We're talking about simplifying and optimizing projects, reducing costs across all areas. On the corporate, in the corporate area, we had the PDV that is a part of our reorganization plan.

明年租金價格有上漲的風險，因為我們認為未來的情況會朝著這個方向發展，而這當然與我們的信心水平和戰略規劃有關。它會繼續保持在高位，我們肯定會有進行調整的可能性。我們正在討論如何簡化和優化項目，降低各個領域的成本。在公司層面，在公司領域，我們有 PDV，這是我們重組計劃的一部分。

On the short-term, we are increasing production which should be at the top range of our guidance, and we'll publish more information when we have them. We can't provide any details yet.

短期內，我們將提高產量，預計產量將達到我們預期範圍的上限，如有更多信息，我們將予以公佈。我們目前還無法提供任何細節。

Milani Clifford, JPMorgan

摩根大通的米拉尼·克利福德

hank you, everyone. Congratulations on these solid results. We've been talking about this stronger production theory surprising us positively, so we were very happy about the increase in capacity for FPSO and the results that you presented. Most of my questions have been answered, but Again, looking at use sources.

謝謝大家。祝賀取得如此優異的成績。我們一直在討論這種更強大的生產理論給我們帶來的驚喜，因此我們對FPSO產能的提升以及您展示的結果感到非常高興。我的大部分問題都得到了解答，但是再次查看使用資源。

We heard about this pressure on brand, but increased production, PDV and containing OpEx to sustain this cash flow for the future. Even with these efforts, we saw that gross debt went up to nearly $71 billion US dollars, which is close to your $75 limit, although leverage is stable. So has your mindset changed about this plan? You mentioned that we will probably not see that minimum dividend policy again. So how sustainable is this and what will be your gross debt limit for 2026 and beyond?

我們聽說了品牌面臨的這種壓力，但透過提高產量、提高產品價格和控制營運支出，可以維持未來的現金流。即使採取了這些措施，我們看到總債務仍然上升到近 710 億美元，接近您 7500 億美元的限額，儘管槓桿率保持穩定。那麼你對這個計劃的看法是否有改變？您提到我們可能不會再看到最低股利政策了。那麼這種做法的可持續性如何？ 2026 年及以後，您的債務總額上限是多少？

Thank you, Milani for notable answer to your question. From the debt perspective, We have to remember that our cap is 75 billion, and we reached nearly 71% this quarter with the capture we had and This increased the size of our treasury by 2 billion. If we look at net debt, in the third-quarter, we saw a very small change versus the second-quarter. It remained basically flat with much more.

感謝米蘭妮對我的問題的精彩回答。從債務角度來看，我們必須記住我們的上限是 750 億美元，而本季我們透過已獲得的資金達到了近 71%，這使我們的國庫規模增加了 20 億美元。如果我們看一下淨債務，第三季與第二季相比變化非常小。它基本上保持平坦，而且面積更大。

Robust cash and When it comes to strategic planning, since we don't have the intention of changing dividends in our plan, we also believe that it is not necessary to change the cap on our debt. We'll maintain it, but we'll do internal initiatives for efficiency. Reviewing projects to do more with less before we change these two points, here I'm referring to debt and dividends.

充足的現金流。就策略規劃而言，由於我們無意在計劃中改變股息，我們也認為沒有必要改變債務上限。我們會維持現狀，但同時也採取內部措施來提高效率。在改變這兩點之前，我們需要檢視如何用更少的資源做更多的事情，這裡我指的是債務和股息。

Caio Ribeiro, Bank of America.

卡約·裡貝羅，美國銀行。

Good afternoon everyone, thank you for taking my question. I'd like to talk to you about how you see this scenario of lower oil prices. And with this intention to keep gross debt at $75 billion below $75 billion. How does that impact your appetite in participating in bid tenders for non-contracted areas, especially PPSA? Thank you.

各位下午好，感謝你們回答我的問題。我想和您談談您對油價下跌這一情景的看法。並以此為目標，將總債務控制在 750 億美元以內。這對您參與非合約領域（尤其是PPSA領域）投標的意願有何影響？謝謝。

Participating in auctions for Petro brows is just a part of replenishing our reserves whenever we have an opportunity, auctions are opportunities of increasing our reserves. So we will definitely participate in all auctions, not only this one. Of course we are limited in cash flow. We need to be cautious, but We just need to see if this is economically viable.

參與石油儲備拍賣只是我們有機會補充儲備的一部分，拍賣是增加我們儲備的機會。所以我們一定會參加所有拍賣會，不只是這場。當然，我們的現金流是有限的。我們需要謹慎行事，但我們只需要看看這在經濟上是否可行。

We're still analyzing if we will do that. Recently, we participated in two auctions, which have been won. See if I might add to that answer. So, auctions for peetrobras are an opportunity to replenish our reserves. So, we will, of course, take these opportunities.

我們仍在分析是否要這樣做。最近，我們參加了兩場拍賣，而且都成功競得。我能否補充一下這個答案？因此，皮特羅布拉拍賣會是我們補充儲備的機會。所以，我們當然會抓住這些機會。

I'd like to confirm this partnership with the Finances department, the perception of, about the importance of renovating reserves and the importance of our blocks. As I said before, We will participate in every auction we have in Brazil, looking for the best opportunities and knowing that we need to renovate our reserves.

我想確認與財務部門的合作關係，以及他們對翻新儲備金的重要性和我們樓宇重要性的看法。正如我之前所說，我們將參加巴西的每一場拍賣會，尋找最佳機會，我們知道我們需要更新我們的儲備。

We have one of the best results in Brazil, and we, of course, cannot give up on the possibility of having the best blogs. So we went to the Auctions in compass and we want both of them with high competitiveness, so our intention is to be present whenever these, wherever these opportunities are. We have a, it's also great to see that we have a partnership between finances and administration in Petrobras acknowledging the importance of new areas and new blocks for the company's future.

我們在巴西取得了最好的成績之一，當然，我們也不能放棄擁有最好的部落格的可能性。所以我們參加了 Compass 的拍賣會，我們希望這兩家公司都能具有強大的競爭力，所以我們的目標是無論何時何地出現這些機會，我們都積極參與。我們很高興地看到，巴西石油公司財務和行政部門之間建立了合作關係，這反映了對新領域和新區塊對公司未來發展的重要性的認識。

So it's a very encouraging to have this communion across all these departments without new areas. It will be hard to be the Petrobras we are today.

因此，能夠在沒有新領域的情況下，在所有這些部門之間建立這種溝通，是非常令人鼓舞的。要繼續保持如今的巴西石油公司（Petrobras）的輝煌，將會非常困難。

Gabriel Gabrielle Baja, Citibank.

加布里埃爾·加布里埃爾·巴哈，花旗銀行。

Thanks for taking my question. And Fernando, the entire Patrick Bross team. I'll, limit myself to just one question as I do, asked us to do, but I must insist on the CapEx. This is possibly one of the biggest issues we've been discussing with investors in the past few months. I'm facing a little bit of a challenge here when it comes to this year's CapEx and last year's CapEx, we see that there is something close to $3 billion to $4 billion that are not yet allocated to the projects. So this is probably your range of flexibility.

謝謝您回答我的問題。還有費爾南多，以及整個帕特里克·布羅斯團隊。我將只提一個問題，就像我要求我們做的那樣，但我必須堅持資本支出問題。這可能是我們過去幾個月來與投資者討論的最大問題之一。就今年的資本支出和去年的資本支出而言，我遇到了一些挑戰，我們看到有近 30 億至 40 億美元的資金尚未分配給專案。所以，這大概就是你的彈性程度了。

To make adjustments as it were, and we just talked about, non-contracted areas, ethanol, breast cam, the, services market, Renato has been talking extensively about adjusting the portfolio of rigs and adjusting the subsea, area, and that, there is a lot to be done, but this market is, harder.

為了進行調整，就像我們剛才談到的，非合約領域、乙醇、乳房攝影機、服務市場，Renato 一直在廣泛談論調整鑽井平台組合和調整海底區域，還有很多工作要做，但這個市場更難。

To deal with maybe in Namibia, there are several investments that have not been included for next year. I don't know to what extent, and this is an important part of my question, how counterproductive it is to stop a Project of the company since most projects are 20 or 30 years long in Brazil, especially when it comes to offshore. So, how much flexibility do you have when it comes to the CapEx for next year? That's what I'd like to understand. Thank you.

考慮到納米比亞的情況，明年還有一些投資項目尚未列入計畫。我不知道停止公司專案在多大程度上會產生反作用，而這正是我問題的重要組成部分，因為在巴西，大多數專案都有 20 到 30 年的時間，尤其是離岸專案。那麼，明年資本支出方面，你們有多少彈性？這正是我想要了解的。謝謝。

Okay, we're going to answer your question jointly, myself and Renata, but by definition, The first years give us the lowest flexibility. Because there's four or five protection systems up until '27, all of them being built, we have contracts signed, so we have a commitment to the supplier. Actually, our suppliers have been great partners to Petrobras. So our flexibility increases as time goes by. For 2026, we do not have a lot of flexibility of the projects, basically 90% of them are already contracted and This is what we're doing in the longer-term.

好的，我和雷納塔會一起回答你的問題，但根據定義，第一年給予我們的彈性最低。因為到 2027 年為止，還有四到五個防護系統正在建設中，我們已經簽訂了合同，所以我們對供應商有承諾。事實上，我們的供應商一直是巴西石油公司的優秀合作夥伴。因此，隨著時間的推移，我們的靈活性也會增加。對於 2026 年，我們的專案沒有太多彈性，基本上 90% 的專案都已經簽訂了合同，這就是我們長期要做的事情。

We have the flexibility of postponing things here and there, and it's a high amount of flexibility for all the projects that are not yet approved or whose contract has not yet been signed. We have the possibility of postponing them according to what we wish to do.

我們可以靈活地推遲一些事情，對於所有尚未獲得批准或尚未簽署合約的項目來說，這種靈活性非常大。我們可以根據自己的意願推遲這些事項。

Well, Gabrielle. We have no perspective whatsoever of stopping any projects. Stopping contracted projects is a very negative thing, so that's not even being considered. If you remember about our plan, we have the projects that are under assessment and projects that are already under implementation. I don't know if you remember, we returned two projects to the assessment phase. They were not yet contracted, we, we're still at the [f3] phase and, we decided that we needed to study them further to increase their profitability. So they went back to the assessment desk. So we should consider that our plan includes these two groups of projects.

嗯，加布里埃爾。我們沒有任何停止任何專案的打算。停止已承包的項目是一件非常糟糕的事情，所以我們根本不會考慮這樣做。如果您還記得我們的計劃，我們目前有正在評估的項目和正在實施的項目。我不知道你是否還記得，我們​​曾經將兩個項目退回評估階段。他們還沒有簽訂合同，我們仍然處於 [f3] 階段，我們決定需要對他們進行進一步研究，以提高他們的獲利能力。於是他們回到了評估台。因此，我們應該考慮到我們的計劃包含了這兩組項目。

We have greater flexibility, as Fernando said, with the ones that are under assessment. We should not forget, Gabrielle, that 90% of our CapEx is allocated to ENP and production. Prediction is the key word for Petrobras. They're highly structuring for us, and we will continue to invest in them because we are certain that these were very well assessed projects and A production system, once it starts producing, it stays in production for 20 or 30 years, and the CapEx happens beforehand.

正如費爾南多所說，對於正在接受評估的人，我們有更大的彈性。加布里埃爾，我們不應該忘記，我們90%的資本支出都分配給了ENP和生產。預測是巴西石油公司（Petrobras）的關鍵所在。它們對我們來說具有很高的結構性意義，我們將繼續投資於它們，因為我們確信這些都是經過充分評估的項目，而且生產系統一旦開始生產，就能持續生產 20 到 30 年，資本支出是在此之前發生的。

Thank you, Renato.

謝謝你，雷納托。

Rodrigo Almeida, Santander. Rodrigo, you have the floor.

Rodrigo Almeida，桑坦德。羅德里戈，請你發言。

Thank you. And good afternoon everybody. Oh I want to mention something that may be interesting to discuss, which is about decommissioning. We may be in a dilemma in terms of the fact that there are some platforms that could bring about some additional OpEx, but there is an additional decommissioning cost. So I'd like to understand, Do you think about reusing the rigs or about somehow postponing the decommissioning of the platform so as to gain more efficiency in the short-term or I don't know, maybe make it a partnership. Like with Baateha, I don't know if there's.

謝謝。大家下午好。哦，我想提一下一些可能值得討論的話題，那就是退休。我們可能會面臨兩難境地，因為有些平台可能會帶來一些額外的營運支出，但同時也會產生額外的退役成本。所以我想了解一下，您是否考慮過重複利用這些鑽井平台，或者以某種方式推遲平台的退役，以便在短期內獲得更高的效率，或者，我不知道，也許可以建立合作關係。就像巴特哈一樣，我不知道是否有。

Anything similar to that, partnership for these fields that are going to be decommissioned, if they could be transferred to a partner or not. So this is a bit of an unrelated question, but it could also be interesting to discuss. Thank you.

類似的事情，例如這些即將退役的油田是否可以轉移給合作夥伴，以及是否有合作關係。這是一個有點不相關的問題，但或許也值得討論。謝謝。

Well, Rodrigo, I'm going to share the answer with Renato. Decommissioning is part of the history of the life of a field. You start with exploration, you develop production, and all of them will reach the decommissioning phase. We have more than 50 rigs that are going to be decommissioned and this for the future ones, we are attempting to reduce the, as much as we can, the period between the interruption of production and decommissioning and because now we have, for instance, a huge amount of rigs that need to be decommissioned to basically at the same time.

羅德里戈，我會把答案告訴雷納托。退役是油田生命週期的一部分。從勘探開始，發展生產，所有這些最終都會進入退役階段。我們有超過 50 個鑽井平台即將退役，對於未來的鑽井平台，我們正在努力盡可能縮短生產中斷和退役之間的時間間隔，因為現在我們有大量的鑽井平台需要在同一時間退役。

And before that we are extending the lifetime of the rigs for the ones that are in operation, the ones that have already stopped operating. Renata and her team, they're trying to consider how to separate the wells from the rig because It's not only about decommissioning a rig because the rig has wells, it has lines and everything underneath that is not seen, 70% or two that represents 2/3 of the entire cost.

在此之前，我們將延長正在運作的鑽井平台以及已經停止運作的鑽井平台的使用壽命。雷納塔和她的團隊正在考慮如何將油井與鑽井平台分開，因為這不僅僅是拆除鑽井平台的問題，因為鑽井平台有油井、管線以及所有看不見的下方部件，這佔了總成本的 70% 或 2%，也就是三分之二。

So before removing a platform, you have to remove the wells, the lines, and all that. And Renata's group has been working on that to try to as much as possible, quickly displace the platform to be decommissioned so that we can avoid the maintenance costs and the cost for personnel on rigs that are not producing anymore, so our efforts now are to are being invested in trying to, decommission these platforms as soon as possible. Well, Rodrigo.

所以在拆除平台之前，必須先拆除油井、管線以及所有相關設施。雷納塔的團隊一直在努力盡快將平台轉移至退役地點，以便避免維護成本和不再生產的鑽井平台上的人員成本。因此，我們現在正致力於盡快退役這些平台。嗯，羅德里戈。

When Sylvia's team assesses the lifetime of a rig or a field that's done 70 years before stopping production, which is when we have to let ANP know. Now, especially with P35 and P37, which are about to be removed from the location because like Sylvia said, all the wells have been decommissioned, all the lines have been. Cleaned up, so we'll bring the rig to the coast. In that process, we'll try to reutilize the rig. We're setting up a bidding process to at least use the hull. We know that the top side is a bit more complicated because these are really old rigs that do not cater to the current specifications.

當 Sylvia 的團隊評估一個鑽井平台或一個油田的壽命，發現其已經運作了 70 年才停止生產時，我們就必須通知 ANP。現在，尤其是 P35 和 P37，它們即將從該地點移除，因為正如 Sylvia 所說，所有的井都已停用，所有的管線都已停用。清理完畢，我們將把鑽井平台運到海岸。在這個過程中，我們將嘗試重新利用這套設備。我們正在製定招標流程，以便至少能夠使用船體。我們知道頂部結構比較複雜，因為這些都是非常老舊的設備，而且不符合目前的規格。

So Well now set up a pilot to reutilize the P-35 and P-37 hulls. If we're successful, that may become our new normal, but each case will be different. I was looking, we have a 54 rigs out of operation that need to be decommissioned, and all of them are going to be assessed as for what to do with them.

So Well 現在啟動了一個試點項目，重新利用 P-35 和 P-37 的機身。如果我們成功了，這可能會成為我們的新常態，但每個案例都會有所不同。我查了一下，我們有 54 台鑽機停機需要退役，所有這些鑽孔機都將接受評估，以確定如何處置它們。

Thanks Vernata and thank you, Sylvia.

謝謝Vernata，也謝謝Sylvia。

Gustavo Cunne, BTG Gustavo.

Gustavo Cunne，BTG Gustavo。

Well, my question is, in line with this scenario where the company is close to the, That cap. I'd like to understand the rationale of the PDV and if we can expect additional PDV, how the company is balancing out the additional need for OpEx due to new platforms and the use of the required OpEx due to the low price scenario. Thank you.

我的問題是，在這種情況下，公司接近了那個上限。我想了解 PDV 的合理性，以及如果我們可以期待額外的 PDV，公司是如何平衡因新平台而產生的額外營運支出需求和因低價情況而產生的必要營運支出的。謝謝。

Thank you, Gustavo. Good afternoon. Concerning the PDV, there is, we have no plans to release any other PDV. The PDV that we launched is meant for a very specific population. These are, or the voluntary separation program, the VSP. They're for employees that retired before the Social Security reform, a little over 1,100 workers, and we worked towards, in addition to retaining knowledge, which is extremely important for us, we also worked.

謝謝你，古斯塔沃。午安.關於 PDV，目前我們沒有發布任何其他 PDV 的計畫。我們推出的這款疫苗是針對特定族群的。這些就是自願離職計劃（VSP）。這些員工是在社會安全改革之前退休的，人數略超過 1100 人。除了保留知識（這對我們來說極其重要）之外，我們還努力…

Within the guidelines and parameters established by TG par 52, which outlines all the financial limits for the VSPs. So, I also want to make it clear that we Did a technical level hiring process. We hired more than 1,700 technical level workers, and part of them are still being trained at the Petrobras University.

在 TG 第 52 條規定的指導方針和參數範圍內，該條規定了 VSP 的所有財務限制。所以，我還想澄清一點，我們進行了技術層面的招募流程。我們僱用了 1700 多名技術工人，其中一部分目前仍在巴西石油大學接受培訓。

And actually most of them One thing I didn't mention about the workers that have already retired since 2019, they're technical level workers. So the company is managing its headcount very carefully and also working on the And knowledge transfer, which is fundamental. We need all of the workers that remained at the company dealing with extremely critical processes for the company and have a very high level of knowledge. It's essential that they transfer that to new workers that are now being hired.

事實上，我還沒提到自 2019 年以來已經退休的工人中的大多數是技術工人。因此，該公司正在非常謹慎地管理員工人數，並且也在努力進行知識轉移，這至關重要。我們需要所有留在公司負責公司極度關鍵流程且具備高水準知識的員工。他們必須把這些知識傳授給現在新招的員工。

Thank you, Claris. And with that we will wrap up. If you have any additional questions, you can send them to the GRI team. Before we finish out, broadcast, I'll give the floor first to Director Sylvia and then to Director Fernando.

謝謝你，克拉麗絲。到此，我們就結束了。如果您還有其他問題，可以發送給 GRI 團隊。在節目結束之前，我先把發言權交給導演西爾維亞，然後再交給導演費爾南多。

Well, I'd like to highlight in October, we had an oil prediction of 2.6, and this is very positive data. I also want to highlight the importance of adequately managing the reservoir. Maybe for the first time. We're going to have three executive managers specializing in reservoirs and President Magda, she's also a reservoir engineer.

我想重點指出，10月份我們對石油價格的預測是每桶2.6盎司，這是一個非常正面的數據。我還想強調妥善管理水庫的重要性。或許是第一次。我們將有三位專門負責油藏的執行經理，總裁瑪格達本人也是油藏工程師。

She's constantly working with us on managing the reservoirs. So increasing, there's an increase in production, increasing in units, but also the greater efficiency in terms of greater water injection, greater production, greater well allocation. So we reached 2.6 in October and that's very encouraging news. So wrapping up, some final words, a perception actually, the third-quarter.

她一直與我們合作進行水庫管理。因此，產量增加，單位數量增加，且注水量增加，產量提高，油井分配更合理，效率也更高。10月我們達到了2.6，這是一個非常令人鼓舞的消息。最後總結一下，我對第三季有一些看法。

Highlights the results, that are, produced by the administration of the company. The administration is highly aligned with the company's governance. We're talking about the fiscal board, the statutory and non-statutory boards, the administrative board, the workers, and the board of directors.

重點介紹公司管理階層所取得的成果。管理階層與公司治理高度一致。我們談論的是財政委員會、法定和非法定委員會、行政委員會、員工和董事會。

We are all extremely aligned. With the long and short-term sustainability of the company, even in the face of a lower brand and focusing on a few subjects. First, production, we had a CapEx in the past that was highly scrutinized by everybody and led to some questions and the results are seen in production and we have even more to show you in with a strategic plan that will be delivered on the 27.

我們所有人的立場都非常一致。即使面臨品牌知名度下降和專注於少數幾個領域，公司仍能維持長期和短期永續發展。首先是生產方面，我們過去曾進行過一項資本支出，這項支出受到了大家的密切關注，並引發了一些問題。結果已經體現在生產中，我們還有更多成果將在27日透過一項策略計畫向您展示。

Also strengthening the entire governance of the company, all of the projects go through a scrutiny, a financial assessment of three scenarios, it has to be positive. They must have a synergy with the company and all that, also optimizing costs.

此外，公司也加強了整體治理，所有專案都要經過審查，對三種情況進行財務評估，結果必須是正面的。他們必須與公司產生協同效應，並且還要優化成本。

At all levels, whether it is investment costs, by finding better engineering solutions, production costs, our goal is also to try to reduce them, the corporate costs that we've been Implementing new projects that would be approved in a normal situation because all scenarios are positive, we understand sometimes that indicators could be even better, so we take a step back and we're reviewing them to make them even better. Energy transition, which is always on our agenda and will always be on our agenda, has always been and always will be.

在所有層面上，無論是投資成本（透過尋找更好的工程解決方案）、生產成本，我們的目標也是努力降低這些成本。我們一直在實施一些新項目，這些項目在正常情況下都會獲得批准，因為所有情況都是正面的。但我們也明白，有時某些指標可以更好，所以我們會退後一步，重新檢視這些指標，使其變得更好。能源轉型一直是我們的議程重點，過去是，現在是，未來也永遠是。

And And also a just energy transition. I want to thank you all for watching us and being with us, and as Eduardo said, that we are available to take any questions you may have. In our meetings, the chat, conferences, as is always the case. Thank you and have a great weekend, everybody.

而且，還需要實現公正的能源轉型。我要感謝大家收看我們的節目，感謝大家的支持。正如愛德華多所說，我們隨時準備回答大家可能提出的任何問題。在我們的會議、聊天、研討會中，一如既往。謝謝大家，祝大家週末愉快！

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄稿中的英文陳述是由現場通話中的口譯員翻譯的。本次活動的翻譯人員由活動贊助公司提供。