巴西石油 (PBR) 2024 Q3 法說會逐字稿

(spoken in foreign language)

（用外語說）

You can also see other important highlights. Our record production in Tupi reaching 3 billion barrels. In Mero, the Sepetiba FPSO reached its peak production in less than eight months. Also contributing to the production of the quarter. In exploration, we have discovered field in Colombia and in South Africa. (technical difficulty)

您還可以看到其他重要亮點。我們在圖皮的產量創下了 30 億桶的紀錄。在梅羅，Sepetiba FPSO 在不到八個月的時間內就達到了產量高峰。也為本季的生產做出了貢獻。在勘探中，我們在哥倫比亞和南非發現了油田。（技術難度）

On to the next slide. Operational highlights, high level of use of our 95% for the quarter, in September, we reached 97%. We did this maintaining high value tariff or byproducts rather. We've had the best history level of the greenhouse effect emissions in our refining park. We've increased sales for byproducts in the Midwest and also a partnership with Vale to test low carbon products, including Diesel R with 5% renewable content.

轉到下一張投影片。營運亮點，使用率很高，本季我們達到了95%，9月我們達到了97%。我們這樣做是為了維持高關稅或副產品。我們的煉油園區的溫室效應排放達到了歷史最高水準。我們增加了中西部副產品的銷量，並與淡水河谷合作測試低碳產品，包括含有 5% 可再生成分的 Diesel R。

We have the natural gas production units in Rio. We are ready to start commercial operations soon. It's very strategic to Petrobras because it will increase the offer of natural gas in Brazil. We're starting at 50% capacity. And by year's end, we'll have two modules in operations, reaching a 21 cubic million -- or 21 million cubic meters of gas per day.

我們在裡約擁有天然氣生產裝置。我們已準備好盡快開始商業營運。這對巴西國家石油公司來說非常具有戰略意義，因為它將增加巴西的天然氣供應。我們從 50% 的產能開始。到年底，我們將有兩個模組投入運行，產量達到每天 2,100 萬立方米，即 2,100 萬立方米天然氣。

And we're back to the top 10 banking of companies we would like to work for. After four years of being outside of that list. These results are very important results for those companies that want to attract and retain talent. This is an indication that we're heading the right way.

我們又回到了我們最願意工作的前 10 家銀行公司。在脫離該名單四年之後。這些結果對於那些想要吸引和留住人才的公司來說是非常重要的結果。這顯示我們正走在正確的道路上。

On to financial results on slide 5. We haven't had any nonrecurring items impacts in this quarter, unlike the previous quarter, as you all remember. Recurring EBITDA was $11.6 billion, recurring net income was $5.9 billion. We've maintained generating cash $11.3 billion, a 24% increase quarter on quarter. Free cash flow was $6.9 billion.

關於投影片 5 上的財務表現。正如你們都記得的那樣，與上一季不同，本季我們沒有受到任何非經常性項目的影響。經常性 EBITDA 為 116 億美元，經常性淨利為 59 億美元。我們維持現金 113 億美元，季增 24%。自由現金流為 69 億美元。

Gross debt is under control at $59.1 billion within the range we established in our strategic plan. I'll be giving you more detail about these figures. And you'll see that financial debt is at its lowest level since 2008. We paid out BRL64.4 billion in taxes, and we've approved dividends and our on capital interest at BRL17.1 billion.

總債務控制在591億美元，在我們戰略計劃確定的範圍內。我將向您提供有關這些數字的更多詳細資訊。你會發現金融債務處於 2008 年以來的最低水準。我們繳納了 644 億雷亞爾的稅款，並批准了 171 億雷亞爾的股息和資本利息。

So these numbers show that we've reached consistent results despite the drop in prices of Brent oil, this is the foreign scenario. Brent prices was down when compared to the previous quarter, just like the crack spread in diesel margins were reduced.

因此，這些數字表明，儘管布倫特石油價格下跌，但我們仍取得了一致的結果，這是國外的情況。與上一季相比，布蘭特原油價格有所下降，就像柴油利潤率的裂解價差有所下降一樣。

However, we managed to offset by selling more byproducts. On average, we see a devaluation of real but FX was BRL5.45 with a positive impact in our financial numbers, a 2% appreciation of real in Q3 when compared to 11.2% depreciation of Q2 in '24.

然而，我們設法透過銷售更多副產品來抵銷。平均而言，我們看到雷亞爾貶值，但外匯為5.45 雷亞爾，這對我們的財務數據產生了積極影響，第三季度雷亞爾升值了2%，而2024 年第二季度雷亞爾貶值了11.2%。

Moving on to the next slide. This has impacted EBITDA in the Q3, partially offset by more oil production in the byproducts mix and for and because of higher sales volumes domestically, adjusted EBITDA was $11.6 billion, slightly smaller than the previous quarter when we written off the one-off events.

轉到下一張投影片。這對第三季的 EBITDA 產生了影響，部分被副產品組合中石油產量的增加以及國內銷量的增加所抵消，調整後的 EBITDA 為 116 億美元，略低於我們沖銷一次性事件時的上一季。

Net profit is a result of the FX impact and the fact that there are no expenses that impacted the previous quarter. On this table, we can say that our cash generation remains robust enough to support investments, financial obligations and the dividend payment.

淨利潤是匯率影響以及沒有影響上一季的費用這一事實的結果。在此表上，我們可以說我們的現金產生能力仍然足夠強勁，足以支持投資、財務義務和股息支付。

Let me point out that we are investing $4.5 billion, about 30% above previous quarter, that increase is due to scheduled payments of OLP projects, those related to the new platforms in Búzios and also investments with the start of construction work in P-84 and P-95. This increase won't change the investment provision for the rest of the year. Investments amount to $10.9 billion.

讓我指出，我們正在投資45 億美元，比上一季增長約30%，這一增長是由於OLP 項目的預定付款、與布齊奧斯新平台相關的項目以及P-84 建設工程開始的投資所致和P-95。此次增加不會改變今年剩餘時間的投資準備金。投資額達109億美元。

On to slide 9. Before I talk about the debt let me point out the successful emission that we conducted in August and September. We issued a 10 year bond maturities 2035, $1 billion the lowest spread to the US treasury bonds since 2011 at the same time, we had a repurchase plan. The two operations are in line with the debt management strategy of the company helping us reduce our leverage. Financial debt was $25.8 billion, the lowest level since 2008.

轉到投影片 9。在談論債務之前，讓我先指出我們在 8 月和 9 月進行的成功發行。我們發行了10年期債券，期限為2035年，10億美元，是2011年以來美國國債利差最低的，同時我們還有回購計畫。這兩項業務符合公司的債務管理策略，幫助我們降低槓桿率。金融債務為258億美元，為2008年以來的最低水準。

On to the dividends screen. We are committed to distributing the results generated and the financial sustainability. Gross debt is under control, accrued positive results the Board of Directors approved a compensation of BRL1.32 per share. It will pay out in two equal installments in February and March, a JCP or dividends will be defined by year's end. We will then have enough information so that we can have the best tax advantage possible.

進入股息螢幕。我們致力於分配所產生的成果和財務可持續性。總債務得到控制，取得了積極成果，董事會批准了每股 1.32 雷亞爾的補償。它將在二月和三月分兩期等額支付，JCP或股息將在年底確定。然後我們將獲得足夠的信息，以便我們能夠獲得最佳的稅收優勢。

On to the last slide. This is the important contribution of our taxes to federal, state and local governments. This is just a portion of what Petrobras returns to society. On top of that, you have dividends paid out to the government and our strategic plans that can generate high yields that can contribute to generate value to both shareholders and society overall. Petrobras had a 14% increase when compared to the same period last year. Taxes amount to BRL64.4 billion.

轉到最後一張投影片。這是我們的稅收對聯邦、州和地方政府的重要貢獻。這只是巴西石油公司回報社會的一部分。最重要的是，您可以向政府支付股息，我們的策略計畫可以產生高收益，為股東和整個社會創造價值。與去年同期相比，巴西國家石油公司的產量增加了 14%。稅收達 644 億雷亞爾。

In conclusion, I would like to turn it over to Eduardo so that we can get started with our Q&A session. Thank you so very much.

最後，我想將其交給 Eduardo，以便我們可以開始問答環節。非常感謝。

Thank you, Fernando. On to the Q&A now. Please ask two questions at most.

謝謝你，費爾南多。現在進入問答環節。請最多問兩個問題。

Matheus Enfeldt, UBS

馬修斯恩菲爾德，瑞銀

Good afternoon. Thank you for taking my questions and congratulations on the results. My questions are more on the operational side.

午安.感謝您回答我的問題並對結果表示祝賀。我的問題比較是在操作方面。

I'm sorry, but we can't hear you. Can you please go back to the beginning.

抱歉，我們聽不到你的聲音。你能回到開頭嗎？

Can you hear me now? Eduardo?

現在你能聽到我說話嗎？愛德華多？

Yes, I can hear you now fine. I'm sorry.

是的，我現在可以聽到你的聲音了。對不起。

I'll be focusing on the operational side. Question one, can you give us more color on the Q3 production levels? You had an expectation of better performance. Q2 had a negative impact of scheduled and unscheduled shutdowns.

我將重點放在營運方面。問題一，您能給我們更多關於第三季生產水準的資訊嗎？您期望有更好的表現。第二季度計劃內和計劃外的停工產生了負面影響。

How much of this quarter, including pre-salt were impacted or was impacted by those shutdowns? And what's the outlook down the road? Can we expect higher production from now all the way to 2025. What is the short term prediction.

本季有多少（包括鹽下）受到這些關閉的影響或受到影響？未來的前景如何？從現在到 2025 年，我們可以期待更高的產量嗎？短期預測是什麼。

And the second question is about exploration. ANP data shows that we had the least or the lowest amount historically. So what is the company doing thinking about explorations both in Santos and Campos basins? Replenishing reserves given the domestic difficulties, would that make sense to acquire companies abroad? Or would it make sense to consider acquiring companies that have a portfolio already in operation. These are my questions. Thank you.

第二個問題是關於探索。ANP 數據顯示，我們的數量是歷史上最少或最低的。那麼，該公司正在考慮在桑托斯盆地和坎波斯盆地進行勘探嗎？鑑於國內困難補充儲備，收購海外公司是否有意義？或者考慮收購擁有已投入營運的投資組合的公司是否有意義？這些都是我的問題。謝謝。

Thank you, Matheus. Sylvia will take those answers.

謝謝你，馬修斯。西爾維亞會接受這些答案。

Hi, Matheus. I'll begin with your second question. You asked about the reduction in exploration and the potential in Bacia de Santos. It's always important to remember that in 2006, we were able to achieve our self-sufficiency, which we had dreamed of for so long. And the determining factor of that is that we are now increasing production and replacing our reserves. That's our track.

嗨，馬修斯。我將從你的第二個問題開始。您詢問了Bacia de Santos 勘探工作的減少和潛力。重要的是要記住，2006 年，我們實現了自給自足，這是我們長期以來的夢想。其決定因素是我們現在正在增加產量並補充儲備。這就是我們的軌跡。

We see that we have our strategic plan, '27 and '28 in over $7 billion in exploration. And in this research project, we have a significant oil potential that we are investing in three ways. First, you asked about Santos, yes, we are replenishing that.

我們看到我們的策略計劃是“27 年”和“28 年”，勘探金額超過 70 億美元。在這個研究計畫中，我們擁有巨大的石油潛力，我們正在透過三種方式進行投資。首先，你問到了桑托斯，是的，我們正在補充。

We're also investing in new opportunities in the fields that we already have, and we're seeking new fields as well. And that's where the Equatorial basin comes in, where we have the greatest volume of prospection that has ever been done, that was in 2013. It's also very similar to the Campos Basin.

我們也在現有領域投資新機會，並且也在尋找新領域。這就是赤道盆地發揮作用的地方，我們在 2013 年進行了有史以來最大的勘探量。它也與坎波斯盆地非常相似。

The Equatorial basin is also similar in its reservoirs in many technical aspects, it's a potential that is also similar. The seismic characteristics are, again, also similar. This occurs both in Venezuela and in the more recent discoveries in Guyana and Suriname. So there is enormous potential there that we need to assess, and we can only assess it by drilling and for that, we need a license. So that is our primary line of investments, our road map.

赤道盆地的油藏在許多技術面也相似，潛力也相似。地震特徵也相似。這種情況在委內瑞拉以及圭亞那和蘇利南最近的發現中都發生過。因此，我們需要評估那裡的巨大潛力，而我們只能透過鑽探來評估它，為此，我們需要許可證。這就是我們主要的投資方向，我們的路線圖。

We are investing over $3 billion of our budget into that alone. And your other question is about investments outside of Brazil. So of course, the more production occurs, the more our need to replenish those reserves. So we are looking in regions that have the greatest potential.

光是這一項，我們就投入了超過 30 億美元的預算。你的另一個問題是關於巴西以外的投資。因此，當然，生產越多，我們就越需要補充這些儲備。因此，我們正在尋找最具潛力的地區。

So we invest our efforts into places where we have more established potential, and that's our basins. We have conjugate basins in Africa, offshore. And those are very similar -- what we're looking at right now is very similar to Santos in the post-salt region.

因此，我們將努力投入到具有更大潛力的地方，那就是我們的盆地。我們在非洲近海有共軛盆地。這些非常相似——我們現在看到的與鹽後地區的桑托斯非常相似。

Of course, always looking at economic viability and profitability for Petrobras. I also want to mention that this year, we finished our acquisition in Sao Tome and Principe. We also had -- we accomplished an investment in another basin in Equatorial Africa, and we are currently waiting for our license in that Equatorial margin.

當然，始終關注巴西國家石油公司的經濟可行性和獲利能力。我還想提一下，今年我們完成了對聖多美和普林西比的收購。我們也完成了對赤道非洲另一個盆地的投資，目前我們正在等待赤道邊緣的許可。

There is a lot of potential there, but we can only find out to what extent after we drill, and that is when we will confirm whether or not our model is correct. So I think that's one of your questions.

那裡有很大的潛力，但我們只能在鑽探之後才能知道到什麼程度，然後我們才能確認我們的模型是否正確。所以我認為這是你的問題之一。

The other question is about the downtimes. Yes, in fact, this year was atypical. We had scheduled and unscheduled downtime. Scheduled ones were, especially in Santos in large-scale basins. Just to give you an idea of the scheduled downtimes, we ceased producing roughly almost 150 barrels a day -- 1,000 barrels a day.

另一個問題是關於停機時間。是的，事實上，今年是非典型的一年。我們有計劃內和計劃外的停機時間。預定的項目是，特別是在桑托斯的大型盆地中。為了讓您了解預定的停機時間，我們每天停止生產約 150 桶——每天 1,000 桶。

But those scheduled downtimes are important for the longevity and safety of our units. It's just like a car, you need to stop every once in a while and perform an inspection. So that's what we do. They don't occur every year, they occur in different interfere periods.

但這些預定的停機時間對於我們設備的壽命和安全性非常重要。就像汽車一樣，每隔一段時間就需要停下來檢查一下。這就是我們所做的。它們不是每年都會發生，而是在不同的干擾時期發生。

And this year, that occurred in Santos. And we also have unscheduled downtime, which occur for many different potential reasons, such as being legally mandated or because we discover something that occurred. There's also another reason could be worker strikes the ANP agency in Brazil also atypically ordered us to stop for a period. But again, this was all occurred within a safe margin of risk. So all in all, 2.8 million barrels, which is roughly 4%.

今年，這種情況發生在桑托斯。我們還存在計劃外停機，這種停機是由於許多不同的潛在原因而發生的，例如法律強製或因為我們發現發生了某些事情。還有另一個原因可能是工人罷工，巴西的 ANP 機構也非典型地命令我們停工一段時間。但同樣，這一切都發生在安全的風險範圍內。總而言之，為 280 萬桶，約佔 4%。

All right. Thank you, Sylvia.

好的。謝謝你，西爾維亞。

Monique Greco, Itau.

莫妮克·格雷科，伊塔烏。

Hello everyone. Good afternoon. Thanks for taking my questions and congratulations on your results. I'm going to follow up on Matheus question for Sylvia again. With regard to the unscheduled and extraordinary downtime, how would Petrobras classify the reasons behind this downtime, what were the main causes.

大家好。午安.感謝您提出我的問題並祝賀您的結果。我將再次跟進馬修斯向西爾維婭提出的問題。對於這次非計畫的非正​​常停機，巴西國家石油公司將如何分類這次停機的原因，主要原因是什麼？

And what has the company been doing in terms of process in order to improve and reduce these unscheduled or unexpected downtimes or mitigate them.

公司在流程方面採取了哪些措施來改善和減少這些計劃外或意外的停機時間或減輕它們。

My next question is about CapEx. We've been talking with Petrobras over the past few months. How about a mismatch between the physical and financial advances in regard to the road map. And you always mention that there is improvement process underway to improve the CapEx curve such that the mismatch or deviation will be reduced. And so that the plan will be more -- a better fit for reality, the reality of the projects.

我的下一個問題是關於資本支出的。過去幾個月我們一直在與巴西國家石油公司進行談判。路線圖方面的物質進步和財務進步之間的不匹配又如何呢？您總是提到正在進行改進流程，以改善資本支出曲線，從而減少不匹配或偏差。這樣計劃就會更貼近現實，更貼近專案的現實。

So my second question is, could you please comment about how the CapEx projection refinement process is proceeding? Especially with regard to the future plans. Thank you.

所以我的第二個問題是，您能否評論一下資本支出預測細化過程的進展？尤其是關於未來的計劃。謝謝。

All right. Our first question will be for Sylvia and the second will be for Renata, but please feel free.

好的。我們的第一個問題是問西爾維亞，第二個問題是問雷娜塔，但請隨意。

The unscheduled stops, they occurred due to maintenance reasons that we sometimes affect or sometimes new technologies we want to implement or sometimes actual maintenance. So this year, we had several shutdowns for -- due to requirements of the ANP.

計劃外的停機，它們的發生是由於我們有時影響的維護原因，有時是我們想要實施的新技術，有時是實際維護。因此，今年，由於 ANP 的要求，我們有幾次停工。

Remember that during the pandemic, many of our basins and the units were not shut down at all. We extended throughout that period. So we are now working to clear out any and all requirements made by the ANP. So that we can really clear the table of any pending demand so that we can guarantee the longevity of all of our units.

請記住，在大流行期間，我們的許多流域和裝置根本沒有關閉。我們延長了整個時期。因此，我們現在正在努力清除 ANP 提出的所有要求。這樣我們就可以真正清除表中的任何待處理需求，從而確保所有設備的使用壽命。

And that's something that we've been doing primarily to ensure the integrity of all of our investments. Our ultimate goal is to tackle and clear any and all requirements made by the ANP, and we're really clearing all of them out.

我們一直在做這件事，主要是為了確保我們所有投資的完整性。我們的最終目標是解決並清除 ANP 提出的所有要求，我們確實正在清除所有這些要求。

Hi, Monique. I actually mentioned in an event three months previously about this mismatch you mentioned between physical and financial. And we did, in fact, implement improvements. And in this quarter, you can see to what extent we were able to accomplish more.

嗨，莫妮克。事實上，我在三個月前的一次活動中提到你提到的物質和財務之間的不匹配。事實上，我們確實實施了改進。在本季度，您可以看到我們在多大程度上能夠完成更多工作。

And one of the reasons for that is precisely because we were able to align the physical and financial advancements. And so from here on out, we did have a liability that we cleared out. And so from here on out, we are confident that we're going to be able to accomplish everything we plan.

原因之一正是因為我們能夠協調物質和財務上的進步。因此，從現在開始，我們確實清除了一項責任。因此，從現在開始，我們有信心完成我們計劃的一切。

Thank you, Sylvia, Renato and Monique for your questions.

謝謝西爾維亞、雷納托和莫妮克提出的問題。

Bruno, Goldman Sachs,

布魯諾，高盛，

Thank you. Good afternoon and congrats on the results. My first question is with regard to the company's cash position. You've been operating with a cash position that is far above the $8 billion that you place as a benchmark for what Petrobras would need for its state operations. So my question is, do you have an intention to reduce that surplus cash? Is that a margin you intend to keep in your balance?

謝謝。下午好，祝賀結果。我的第一個問題是關於公司的現金狀況。你們一直持有的現金部位遠高於你們設定的 80 億美元，作為巴西國家石油公司國家運作所需資金的基準。所以我的問題是，你打算減少多餘的現金嗎？這是您打算保留在餘額中的保證金嗎？

And my next question about exploring reserves. There's a lot of comments made about the equatorial margin. But what about the Pelotas location? Could you give us an update on that project's current status?

我的下一個問題是關於勘探儲量的。關於赤道邊緣有很多評論。但是佩洛塔斯的位置呢？您能否向我們介紹該專案目前狀態的最新情況？

Thank you, Bruno. The first question is for Fernando and about Pelotas that will go to Sylvia. Fernando?

謝謝你，布魯諾。第一個問題是關於費爾南多和佩洛塔斯的，該問題將交給西爾維亞。費爾南多？

Hi, Bruno. Thanks for your question. With regard to cash that is available to the company. It's an interesting topic because when we think about projects and the need for cash flow, we look at projects from exploration to first oil with anywhere from five to seven years.

嗨，布魯諾。謝謝你的提問。關於公司可用的現金。這是一個有趣的話題，因為當我們考慮項目和現金流需求時，我們會考慮從勘探到首次石油開採的項目，時間從五到七年不等。

So we cannot look at a three month window which is the case for other companies with different turnarounds, but that's not us. So we have short, medium and long term views and our strategic planning which includes investment indicators, cash flow indicators. How much of that is going to be net and how much of that we are going to use for our investments. And we also have our starting cash.

因此，我們不能只看三個月的窗口期，而其他公司的周轉情況卻不同，但我們不是。所以我們有短、中、長期的觀點和策略規劃，包括投資指標、現金流指標。其中有多少是淨收益，有多少是我們將用於投資。我們也有起始現金。

Since we are a company that has a strong cash flow generation, it's natural that we'll have different cycles. We generate cash. It accumulates it builds up in our treasury and when we need to make investments and we distribute that cash because we don't have any interest in holding cash surplus above what we need that cash is dedicated to our investments.

由於我們是一家擁有強大現金流的公司，因此自然會有不同的週期。我們產生現金。它會累積在我們的金庫中，當我們需要進行投資時，我們會分配這些現金，因為我們沒有興趣持有超過我們需要的現金盈餘，而這些現金專用於我們的投資。

And I remind you that having surplus cash has a cost and the more surplus you have, the more that cost will be. What we have today is $8 billion, as you mentioned. And so we are currently investigating many different scenarios and alternatives looking at what flexibility we have or don't and what our mechanisms are, our methods are for working with lower catch.

我提醒你，擁有多餘的現金是有代價的，你擁有的剩餘越多，成本就越高。正如你所提到的，我們今天擁有 80 億美元。因此，我們目前正在研究許多不同的場景和替代方案，看看我們有或沒有什麼靈活性，我們的機制是什麼，我們的方法是用於處理較低的捕獲量。

I personally come from the treasury department. And I always have a mind to not work with excessive cash, and we'll have an answer by November 21.

我個人來自財政部。而且我始終堅持不使用過多現金，我們將在 11 月 21 日之前得到答覆。

Thank you, Fernando. About the Pelotas basin, in addition to the Equatorial market, another region where we've invested into exploration and we acquired 29 blocks, 26 in partnership with Shell and three more in partnership with Sindhu, we are currently acquiring seismic data, which is necessary for all exploration. It's a gigantic region, one of the largest we've ever worked in.

謝謝你，費爾南多。關於Pelotas 盆地，除了赤道市場（我們投資勘探的另一個地區）外，我們還收購了29 個區塊，其中26 個區塊與殼牌合作，另外3 個區塊與Sindhu 合作，我們目前正在獲取地震數據，這是必要的對於所有的探索。這是一個巨大的地區，也是我們工作過的最大的地區之一。

And we're currently working on part of that we've already begun and we're likely to finish acquisition next year. It's a very large region, as I mentioned. After the seismic data, then we need to interpret the seismic data, select regions study the blocks, find out which are more favorable, what wells will be drilled and Ibama's intentions and permission for that drilling.

我們目前正在進行已經開始的部分工作，很可能會在明年完成收購。正如我所提到的，這是一個非常大的區域。在取得地震數據後，我們需要解釋地震數據，選擇區域研究區塊，找出哪些區域更有利、將鑽哪些井以及伊巴馬的鑽探意圖和許可。

We're currently working on the -- one of the first stages the seismic data. And only after that, we'll be able to really study that data. But it is a very promising region. But all of these assets are part of that $7.5 billion that we've set aside for the '24 to '28 period.

我們目前正在研究第一階段的地震資料。只有在那之後，我們才能真正研究這些數據。但這是一個非常有前途的地區。但所有這些資產都是我們為 24 至 28 年期間預留的 75 億美元的一部分。

So we are currently at the seismic stage, and we are anxiously waiting for more. And again, we're not going to wait until the end of the year to begin interpreting the data. No, as and when the data arrives, we are interpreting them.

因此，我們目前正處於地震階段，我們正在焦急地等待更多。再說一次，我們不會等到年底才開始解釋數據。不，當數據到達時，我們正在解釋它們。

All right. Thank you, Sylvia. Thank you, Fernando, and Bruno for your question.

好的。謝謝你，西爾維亞。謝謝費爾南多和布魯諾的提問。

Bruno, Morgan Stanley.

布魯諾，摩根士丹利。

Good afternoon, folks. Thanks for taking my question. I have a follow-up with regard to the topic of cash and shareholders and another one about Tupi. With regard to shareholders, if there is enough leeway for a complementary distribution, what would be the timing for that? Would that be within this fiscal year? Maybe right after presentation or after the strategic plan?

下午好，各位。感謝您提出我的問題。我有一篇關於現金和股東主題的後續文章，還有一篇關於 Tupi 的文章。對於股東來說，如果有足夠的空間進行補充分配，什麼時間進行？那是在本財政年度內嗎？也許是在演示之後或戰略計劃之後？

And what would be the approval method specifically? Will a Board meeting be called? And how quickly can we expect that to occur? With regard to Tupi, you mentioned that there is a decline phase. And so I'd like to understand whether that is occurring in line with the 10% that the company mentioned or whether pre-salt has proven to be more resilient compared to other fields such as Bacia de Campos.

具體審批方式是什麼？是否會召開董事會？我們預計這種情況多久會發生？關於Tupi，您提到有一個衰退階段。因此，我想了解這種情況是否與該公司提到的 10% 一致，或者鹽下油田是否已被證明比 Bacia de Campos 等其他油田更具彈性。

And what about resource allocation platforms? And where would that production move to over the next few years?

那麼資源配置平台呢？未來幾年生產將轉移到哪裡？

Well, the first question about the compensation for shareholders to Fernando. And then Sylvia will be talking about Tupi.

嗯，第一個問題是關於股東對費爾南多的補償。然後西爾維亞將談論圖皮。

Hi, Bruno, how are you doing? Well, this is what we have seen so far this year. It's only natural to make a decision about extraordinary dividends once the strategic plan is ready, taking into account short term, midterm and long term volumes.

嗨，布魯諾，你好嗎？嗯，這就是我們今年到目前為止所看到的情況。一旦策略計畫準備就緒，考慮到短期、中期和長期的數量，就自然會做出關於特別股息的決定。

Of course, we'll be considering that distribution alongside the strategic plan, if we can meet the deadline, which is two approved by November 21. Technically, it is possible to distribute that within the same year by the end of December.

當然，如果我們能在最後期限（即 11 月 21 日之前批准的兩個期限）內完成任務，我們將考慮將分配與策略計畫一起考慮。從技術上講，有可能在同年 12 月底之前分發。

Thank you, Fernando. Over to you now, Sylvia.

謝謝你，費爾南多。現在交給你了，西爾維亞。

Tupi is our beloved giant and results are better than the average there's a production decline that is below 10%, way below than those in the Campos basin. We're now embarking on this challenge of Tupi plus. It's almost 1,000 barrels a day, but the goal is to reach the 1 million, Tupi to would like to compete with Búzios that is aiming at reaching 1 million next year. So Tupi is being refurbished.

圖皮是我們深愛的巨人，結果好於平均水平，產量下降幅度低於 10%，遠低於坎波斯盆地的產量下降。我們現在正在著手應對 Tupi plus 的這項挑戰。每天幾乎 1,000 桶，但目標是達到 100 萬桶，圖皮希望與布齊奧斯競爭，後者的目標是明年達到 100 萬桶。所以圖皮正在翻新。

Tupi plus would include more additional wells. We're going to review all the infrastructure to inject water and gas to revitalize those pipelines and maybe the use of another platform. We want to have the smaller decline possible.

Tupi plus 將包括更多額外的井。我們將審查所有註入水和天然氣的基礎設施，以振興這些管道，也許還會使用另一個平台。我們希望降幅盡可能小。

We don't want to experience what we've seen in the Campos basin, which is a major decline, including we have the aim of maintaining the very strong reinjection on our wells, so that we can keep the production line declining as little as possible.

我們不想經歷我們在坎波斯盆地看到的情況，這是一個重大的下降，包括我們的目標是保持我們油井的非常強勁的回注，這樣我們就可以將生產線的下降幅度控制在可能的。

Thank you, Sylvia and Bruno.

謝謝西爾維亞和布魯諾。

Gabriel, Citi.

加布里埃爾，花旗。

Hello, Eduardo. Thank you for taking my question. I have two questions actually. Let me go back to the capital structure. We've been focusing on minimum cash rates. So what should be the (technical difficulty)

你好，愛德華多。感謝您回答我的問題。其實我有兩個問題。讓我回到資本結構。我們一直在關注最低現金利率。那麼應該是什麼呢（技術難度）

The FPSO, how can you have more flexibility to hires these vessels in 2025? And what would be the impact in the budget? Would it be around [$9 billion]. Is this the new level of investments. These are major units, but these are higher numbers than what we've seen in the past. What would the inflation impact be?

FPSO，如何在 2025 年更靈活地租用這些船舶？對預算有何影響？會不會是在附近[90億美元]。這是新的投資水準嗎？這些是主要單位，但這些數字比我們過去看到的要高。通貨膨脹會產生什麼影響？

Thank you, Gabriel, for the question. Fernando addresses the first one and then Renato.

謝謝你，加布里埃爾，提出問題。費爾南多首先發言，然後是雷納托。

Thank you. Cash and the ceiling for the debt is being discussed within the strategic planning cycle. We discussed in depth the company's capital structure, what would be the ideal balance between own capital and third-party capital.

謝謝。現金和債務上限正在策略規劃週期內討論。我們深入討論了公司的資本結構，自有資本和第三方資本之間的理想平衡是什麼。

We've been discussing that within that strategic planning exercise. Leverage level should be appropriate to the situation of the company and our business plan, and this will be made public during that strategic planning.

我們一直在策略規劃活動中討論這一點。槓桿水平應適合公司的情況和我們的業務計劃，並將在策略規劃期間公開。

Many things are discussed there because this is the most important report at year's end, it can provide several answers. We want to optimize the company's capital structure and try to strike the ideal balance between own and third parties capital.

那裡討論了很多事情，因為這是年底最重要的報告，它可以提供幾個答案。我們要優化公司的資本結構，努力在自有資本和第三方資本之間取得理想的平衡。

IFRS 16 will have to acknowledge that as a debt, it's a debt proxy per se, the investment flow changes, if it's our own capital, we have more intensive flows at the start, if it's third party, I can't dilute that over time, models are different. The characteristics are different and leasing is the ideal strategy we've adopted -- this are good debt to have. All these things are paid out of the results and this is being reflected in the capital structure we are considering for the 2025, 2029 cycle.

IFRS 16 必須承認，作為債務，它本身就是債務代理，投資流量發生變化，如果是我們自己的資本，我們一開始就有更密集的流動，如果是第三方，我不能稀釋它時間、型號不同。特點不同，租賃是我們採取的理想策略—這是很好的債務。所有這些都是從結果中支付的，這反映在我們正在考慮的 2025 年、2029 年周期的資本結構中。

Yes, Gabriel, you're right. We have a hard time leasing these FPSOs that ended up delaying some of these projects. Here's what we did. Fernando and his team helped us approach the market to try to understand what was going on. We found out that these companies had a hard time getting credit lines.

是的，加布里埃爾，你是對的。我們在租賃這些 FPSO 時遇到了困難，最終導致其中一些項目被推遲。這就是我們所做的。費爾南多和他的團隊幫助我們接近市場，試圖了解正在發生的事情。我們發現這些公司很難獲得信貸額度。

So they couldn't come up with a chartering proposal. The other issue was the payments flow, just like I said before. We actually remodeled that model to a neutral cash flow. There is no financing in either direction, companies or Petrobras. So it's a net cash flow. So we changed the chartering model. We're not hiring this type of services. For the coming platforms, we're not going to use that alternative.

所以他們無法提出包機提案。另一個問題是支付流程，就像我之前說的。我們實際上將該車型改造成中性現金流。無論是公司還是巴西國家石油公司，都沒有融資。所以這是淨現金流量。所以我們改變了包機模式。我們不僱用此類服務。對於即將推出的平台，我們不會使用該替代方案。

One of them is BOT, the CapEx comes out of Petrobras. The operations run by our company and then all the company owns that asset, and then it's transferred over to Petrobras that will help companies be part of that bidding process.

其中之一是 BOT，資本支出來自巴西國家石油公司。我們公司經營的業務以及所有公司都擁有該資產，然後將其轉移給巴西國家石油公司，這將有助於公司參與投標過程。

We've seen significant growth in rigid EPCIs, that's what we call it rigid or pipelines. But in the past two, we've seen that trend, the downward trend by bringing more players to that bid. We have more companies participating, especially because of the contract adjustments we've made, payment terms.

我們已經看到剛性 EPCI 的顯著增長，這就是我們所說的剛性或管道。但在過去的兩年裡，我們看到了這種趨勢，透過吸引更多的玩家參與競價而出現的下降趨勢。我們有更多的公司參與，特別是因為我們對合約、付款條件進行了調整。

So we have five players for the EPCI. And we are considering Petrobras being part of the EPC. We are going to hire -- we're going to charter the vessel and the equipment separately so that we can come up with that contract and still have that alternative to do that in-house instead of going out to the market.

所以我們有五名 EPCI 選手。我們正在考慮將巴西國家石油公司納入 EPC。我們將僱用——我們將分別租用船隻和設備，以便我們可以簽訂合同，並且仍然可以選擇在內部完成這項工作，而不是去市場。

As to prices, nickel is one of the top commodities that would impact prices of our equipment and ducts and pipelines and for all our units. Back in 2022, $40,000 was the price of a ton of nickel, today is at $16,000. So our expectation is that these prices are going to come down because of that commodity price. Have I addressed everything?

至於價格，鎳是影響我們的設備、管道和管道以及我們所有單位的價格的主要商品之一。早在 2022 年，一噸鎳的價格為 40,000 美元，如今為 16,000 美元。因此，我們的預期是，由於商品價格的影響，這些價格將會下降。我已經解決所有問題了嗎？

Yes.

是的。

Thank you, Fernando. Thank you, Gabriel.

謝謝你，費爾南多。謝謝你，加布里埃爾。

Pedro, BTIG.

佩德羅，BTIG。

Hello, good afternoon. I have two questions. What are the possible tax deductions in the coming quarters. This has begun to impact Q3 results. Can you give us more color as to how soon that benefit will be used?

你好，下午好。我有兩個問題。未來幾季可能有哪些稅收減免？這已經開始影響第三季的業績。您能給我們更多關於多久才能使用該福利的資訊嗎？

And the second question is about the investment curve. Results will be announced at the strategic planning announcement, but can you share what is the profile of implementation CapEx? Are you going to have a change in the share of the different CapEx profile when compared to this year's plan to last year's.

第二個問題是關於投資曲線。結果將在策略規劃公告中公佈，但您能分享一下實施資本支出的概況嗎？與今年的計畫與去年的計畫相比，不同資本支出概況的份額是否會改變？

Thank you, Pedro. Can you address or can you field both questions, Fernando.

謝謝你，佩德羅。費爾南多，你能解決或回答這兩個問題嗎？

Yes. Let me talk about the tax authorities. For Q3, cash flow include these positive impacts, better tax or income tax and social contribution and USD800 million of savings of about [BRL4.2 billion worth of savings, just by paying out those taxes because of that offset in our fiscal base. And the remainder will be used by Q1, about BRL3 billion, USD500 million] give or take.

是的。先說稅務機關。對於第三季度，現金流包括這些積極影響、更好的稅收或所得稅和社會貢獻，以及價值約42 億巴西雷亞爾的8 億美元儲蓄，僅透過支付這些稅款即可抵消我們的財政基礎。其餘部分將在第一季使用，約 30 億雷亞爾，5 億美元]給予或接受。

As to our investments now, we don't envision any major changes as far as their maturity goes those that are currently underway. It's still a major amount even in 2025. It's coming down because you have the implementation cycle, then there's those in prospection as those that are becoming finalized that wheel moves around.

至於我們現在的投資，就目前正在進行的投資而言，我們預計不會有任何重大變化。即使到了 2025 年，這仍然是一個很大的數字。它正在下降，因為你有實施週期，然後還有那些正在探索中的那些，以及那些即將敲定的輪子。

When we put out a strategic plan for last year, that was very important to better understand the maturity levels and whether we were right in using the necessary resources. So we are certain we can use more cash in that case.

當我們去年制定戰略計劃時，這對於更好地了解成熟度水平以及我們是否正確使用必要的資源非常重要。因此，我們確信在這種情況下我們可以使用更多現金。

And as I said, I don't see any major changes when we turn from one year to the next. Because our vision is always long term, four or five years, all the way to we get to the first oil and even for renewable energy. So the -- it's not a very distant time frame.

正如我所說，當我們從一年轉向下一年時，我沒有看到任何重大變化。因為我們的願景始終是長期的，四、五年，一直到我們獲得第一批石油，甚至可再生能源。所以，這並不是一個很遙遠的時間框架。

Rodrigo, Santander.

羅德里戈，桑坦德。

Hi, good afternoon. First, I'd like to go back a little bit and talk about post-salt. And I'd like to understand the different processes. We recently had Maria Quitéria. But I'd like to understand what are the next revitalization regions for '27 and '28. How can we imagine that the company's curve is going to look like in that region -- in those fields and regions?

嗨，下午好。首先，我想回顧一下鹽後。我想了解不同的過程。我們最近迎來了瑪麗亞·奎特里亞。但我想了解 27 年和 28 年的下一個振興區域是什麼。我們如何想像該公司的曲線在該地區——在那些領域和地區會是什麼樣子？

My next question is a little bit more difficult, but I'd like to get your take about the capital allocation. When we talk about CapEx and M&A, I mean, specifically the revitalization ones and M&As, such as investment in Namibia which is a project that we can see is quite advanced. So how would you balance, how would you say that your decision process is like with regard to that those organic projects and APMC?

我的下一個問題有點困難，但我想聽聽您對資本配置的看法。當我們談論資本支出和併購時，我的意思是，特別是振興和併購，例如在納米比亞的投資，我們可以看到這是一個相當先進的項目。那麼您如何平衡，您認為您的決策過程對於那些有機項目和 APMC 來說是怎樣的？

Thank you, Rodrigo. Sylvia will take the first one and then Fernando. Sylvia, please. Actually Fernando, will go first.

謝謝你，羅德里戈。西爾維亞將選擇第一個，然後是費爾南多。西爾維婭，請。實際上費爾南多會先走。

Hi, Rodrigo. We'll begin with the second question with regard to CapEx and M&As. Well, our internal strategy is to not comment on specific projects. We do reply to questions in a broader sense. With regard to organic investments such as M&As or nonorganic, whether or not they are organic. They all go through the very same governance process, the same requirement for returns, all scenarios including resiliency, they do need to generate positive VPL in order for us to move forward.

嗨，羅德里戈。我們將從資本支出和併購的第二個問題開始。嗯，我們的內部策略是不對具體項目發表評論。我們確實回答更廣義的問題。關於併購等有機投資或非有機投資，無論它們是否是有機的。他們都經歷相同的治理流程，相同的回報要求，所有場景（包括彈性），他們確實需要產生積極的 VPL 才能讓我們前進。

That's a concept that we have here at the company. Our governance is developed in this way. It has been working. And of course, improvements are always welcome. But we do not foresee any changes in that sense.

這是我們公司的理念。我們的治理就是這樣發展起來的。它一直在發揮作用。當然，改進總是受歡迎的。但我們預計這方面不會有任何變化。

In terms of returns, we see returns on that investment. Of course, the ones that have higher risk by the book, we want higher return and vice versa. But there is also a matter of strategic alignment. Some investments generate synergies and so they need to be looked at as part of our portfolio and not individually.

就回報而言，我們看到了該投資的回報。當然，對於那些理論上風險較高的人，我們希望獲得更高的回報，反之亦然。但還有一個戰略調整的問題。有些投資會產生協同效應，因此需要將它們視為我們投資組合的一部分，而不是單獨看待。

And so potentially, we can have a smaller return on some investments if they have synergy and if they match well with our portfolio, and of course, assuming they are not harming the whole of the company, but if they have a future, medium or long term strategy and synergy, that will make sense. Of course, above all, we always need to have a positive VPL, including in resiliency scenario.

因此，如果某些投資具有協同效應，並且與我們的投資組合很好匹配，當然，假設它們不會損害整個公司，但如果它們有未來、中期或未來，我們可能會獲得較小的回報。戰略和協同作用是有意義的。當然，最重要的是，我們始終需要有一個積極的 VPL，包括在彈性場景中。

Thank you, Fernando. With regard to post-salt and the Campos Basin, we want to see today a recovery. We have four units, new units, that we are working into replenish, renew the post-salt basin in Campos. But we're doing great work putting new production wells in place into production, and we foresee a 200,000 barrel increase in that basin.

謝謝你，費爾南多。關於鹽後和坎波斯盆地，我們希望今天看到復甦。我們有四個新單位，我們正在努力補充和更新坎波斯的鹽後盆地。但我們正在努力將新的生產井投入生產，我們預計該盆地的產量將增加 20 萬桶。

We also have a goal that basin overall has a very low recovery level, approximately 7% and -- but our goal is to keep the post-salt cover stable, including work in the upcoming wells. The Campos Basin is really our production model, the template that we follow.

我們還有一個目標，即盆地整體採收率非常低，約 7%，但我們的目標是保持鹽後覆蓋層穩定，包括即將開井的工作。坎波斯盆地其實是我們的生產模型，是我們遵循的模板。

It's the benchmark that we will use for Africa, for the equatorial margin. So it's really teaching us quite a lot, and we're going to increase production to give longer life to that basin. And our aim is to keep producing for many more years at the same levels.

這是我們將用於非洲赤道邊緣的基準。所以這確實教會了我們很多東西，我們將增加產量，以延長該盆地的使用壽命。我們的目標是在未來很多年裡保持同樣的生產水準。

Of course, not in the short term, but our goal is to treat this young elder, which is celebrating its 50th anniversary now, Campos Basin and it really changed the history of Petrobras and of Brazil, and it brought us the knowledge needed to move the Santos Basin forward, and it brought us to where we are today, a global benchmark in oil production. So the Campos Basin post-salt has our utmost priority to continue to be a role model for all of our basins.

當然，不是短期內的，但我們的目標是對待這個年輕的前輩，坎波斯盆地現在正在慶祝其成立50 週年，它確實改變了巴西國家石油公司和巴西的歷史，它為我們帶來了移動所所需的知識桑托斯盆地向前發展，它使我們達到了今天的水平，成為全球石油生產的基準。因此，坎波斯盆地鹽後的首要任務是繼續成為我們所有盆地的榜樣。

Thank you, Sylvia. Thank you, Fernando.

謝謝你，西爾維亞。謝謝你，費爾南多。

Jorge, Scotiabank.

豪爾赫，豐業銀行。

Hello, congratulations on your results, and thanks for taking my questions. It's been a few months now since the recent gas decree, how did that decree change discussions with the ANP with regard to future projects? And how did it change Petrobras outlook towards those?

您好，恭喜您的結果，感謝您提出我的問題。最近的天然氣法令已經過去幾個月了，該法令如何改變了與 ANP 關於未來項目的討論？它如何改變巴西國家石油公司對此的看法？

And secondly, given the Brazilian deficit in terms of diesel and its current imports, how did Petrobras decide on its supplies geographically and the distribution between small and large players, does Petrobras tend to concentrate its relationships or opt for more pulverized type of relationship?

其次，考慮到巴西在柴油方面的赤字及其目前的進口，巴西國家石油公司如何決定其供應的地理位置以及小型和大型參與者之間的分配，巴西國家石油公司是否傾向於集中其關係還是選擇更分散的關係類型？

Thank you, Jorge. The first question will go to Tolmas, and then I think Schlosser will take that second one.

謝謝你，豪爾赫。第一個問題將由托爾馬斯提出，然後我認為施洛瑟將回答第二個問題。

Thank you, Jorge. Well, with regard to your first question, initially, we were a little apprehensive but our read today is that it will apply to new projects and not to already approved ones. So we are currently awaiting the publication of the '25, '26 ANP regulatory paper so that we can actually begin discussions with the ANP.

謝謝你，豪爾赫。好吧，關於你的第一個問題，最初，我們有點擔心，但今天我們了解到它將適用於新項目，而不是已經批准的項目。因此，我們目前正在等待 '25、'26 ANP 監管文件的發布，以便我們能夠真正開始與 ANP 進行討論。

Right now, in gas, we are very much focused on the Senate amendment, the Patent law, which has some measures that it puts in place to reduce or to impact the Petrobras market, but our discussions have all been very positive.

目前，在天然氣方面，我們非常關注參議院修正案、專利法，該修正案採取了一些措施來減少或影響巴西國家石油公司市場，但我們的討論都非常積極。

We've moved forward quite extensively. And we have agreements regarding protecting and preserving Petrobras' own production. And we've also resolved the issue of GNL imports. And we are now looking at the matter of importing from Bolivia and Argentina. And the contracts that have already been signed with third parties. So in short, we are monitoring this agenda, and we are optimistic that it's all going to be sorted out.

我們已經取得了相當大的進展。我們也簽署了有關保護和維護巴西國家石油公司自身生產的協議。我們也解決了 GNL 進口的問題。我們現在正在考慮從玻利維亞和阿根廷進口的問題。以及已經與第三方簽訂的合約。簡而言之，我們正在監控這項議程，我們樂觀地認為這一切都會得到解決。

Thank you. Thank you, Mauricio. Mr. Schlosser?

謝謝。謝謝你，毛里西奧。施洛瑟先生？

Yes. I -- first, I want to clarify something. We do not have a prevalence of imported products in meeting the Brazilian market's needs. On the contrary, ever since we began our new strategic plan, we've been prioritizing Petrobras' assets, including refineries and logistic, in the sense of capturing that margin here in the country.

是的。我——首先，我想澄清一些事情。我們沒有大量進口產品來滿足巴西市場的需求。相反，自從我們開始新的戰略計劃以來，我們一直優先考慮巴西國家石油公司的資產，包括煉油廠和物流，以獲取該國的利潤。

For instance, in '24 to date, it's at 23% of internal demand for diesel A, with various different players in part, including Petrobras and the main importers are the distributors. Petrobras does also work in the import market in a way that is complementary to domestic production, and we strive for resiliency in a way that is more effective.

例如，24 年至今，柴油 A 佔內部需求的 23%，部分參與者包括巴西國家石油公司 (Petrobras)，主要進口商是經銷商。巴西國家石油公司也確實以與國內生產互補的方式在進口市場開展工作，我們以更有效的方式努力實現彈性。

To do that, we leverage a number of strategic advantages that we currently have. This decision is based on operational planning processes, on the use of computing tools and optimization. The geographic region has many different factors.

為此，我們利用了目前擁有的許多戰略優勢。此決策基於營運規劃流程、計算工具的使用和最佳化。地理區域有許多不同的因素。

We have a whole bevy of plans for strategic thoughts when we need to do so in order to supply markets or client markets in one way or another. So to that end, we use a number of different computer tools. Inventory levels also have a significant impact.

當我們需要這樣做時，我們有一整套戰略思想計劃，以便以某種方式供應市場或客戶市場。為此，我們使用了許多不同的電腦工具。庫存水準也有重大影響。

We have a number of different opportunities that we capture from abroad always striving for synergy between our own operations and imports and exports as well as return shipping and using regional synergy to improve our results.

我們從國外抓住了許多不同的機會，始終努力在我們自己的業務、進出口以及回程運輸之間實現協同效應，並利用區域協同效應來改善我們的業績。

Now in terms of commercial relationships, we always strive for the best conditions, including logistics. So we always want to be the best option compared to other suppliers, meeting players of many different scales and sizes and fields of operations. To whatever extent we can and we want to keep our operations profitable for all our assets. Thank you.

現在在商業關係方面，我們總是努力爭取最好的條件，包括物流。因此，與其他供應商相比，我們始終希望成為最佳選擇，滿足許多不同規模、規模和業務領域的參與者。無論我們能夠並且希望在多大程度上保持我們所有資產的營運盈利。謝謝。

Lilyanna, HSBC.

莉莉安娜，匯豐銀行。

Hi, can you hear me?

嗨，你聽得到我說話嗎？

Yes, perfectly.

是的，完美。

All right. Thanks for taking my questions. I have just two. The first is about reserve, I'd like to know what can you do to ensure that the environmental license for the equatorial margin can come as soon as possible. And in the same line, thinking of more reserves, Sylvia has mentioned the revitalization of the Campos Basin. I'd like to understand, wasn't that already included in the '24, '28 plan? Sylvia, you mentioned 200,000 barrels a day of potential recovery.

好的。感謝您回答我的問題。我只有兩個。第一個是關於保護區的問題，我想知道你們能做些什麼來確保赤道邊緣的環境許可證能夠盡快拿到。同樣，考慮到更多的儲量，西爾維亞提到了坎波斯盆地的振興。我想了解一下，這不是已經包含在'24、'28計劃中了嗎？Sylvia，您提到了每天 20 萬桶的潛在恢復量。

I'd like to understand whether that was already included in the strategic plan to be put into the curve for 2.4 billion barrels in '24 to '27. And in the same line of that reserve, do you intend to purchase assets that are already producing in the Campos region so that you yourselves can think about optimizing investments and recovering reserves? And do you have any idea of the scope or magnitude?

我想了解這是否已包含在 24 年至 27 年期間 24 億桶的戰略計劃中。在該儲備的同一行中，您是否打算購買坎波斯地區已經生產的資產，以便您可以自己考慮優化投資和回收儲備？您知道其範圍或程度嗎？

And my second question about downstream field. How have negotiations been working in with Yara to provide fertilizers and the sales that Petrobras is going to make for the fertilizer plants.

我的第二個問題是關於下游領域的。與雅苒 (Yara) 就提供化肥進行的談判進展如何，以及巴西國家石油公司 (Petrobras) 將為化肥廠進行的銷售。

Sure. Yes. Thank you, Lily, for your questions. First, we'll answer about reserves and then about the equatorial margin. And then William will talk about fertilizers per se.

當然。是的。謝謝莉莉的提問。首先，我們將回答有關儲備的問題，然後回答有關赤道邊緣的問題。然後威廉將談論肥料本身。

Hi, Lilyanna, thank you for your question. Yes, we do seek reserves day by day that is our motto almost. We always want to optimize the different fuels. So the Campos field is part of that plan but we are trying to accelerate drilling of those wells as much as possible so that we can really obtain those additional 200,000. But yes, that is already included in the '24, '28 plan.

你好，莉莉安娜，謝謝你的問題。是的，我們確實每天都在尋求儲備，這幾乎就是我們的座右銘。我們始終希望優化不同的燃料。因此，Campos 油田是該計劃的一部分，但我們正在努力盡可能加快這些油井的鑽探速度，以便我們能夠真正獲得額外的 200,000 口油井。但是，是的，這已經包含在「24」、「28」計劃中。

And the replenishment of reserves. Also, I must mention the equatorial margin it is truly our challenge. What we can do is try to obtain more from what we have, but the major leap forward comes with new discoveries. And as I said, the equatorial margin because of how similar they are to other basins and the positional model of the different reservoirs, the different production reservoirs, such as Campos, there is a generation capacity that is very significant and that we can only confirm by drilling.

並補充儲備。另外，我必須提到赤道邊緣，這確實是我們的挑戰。我們能做的就是嘗試從現有的東西中獲得更多，但重大的飛躍來自於新的發現。正如我所說，赤道邊緣由於它們與其他盆地非常相似，並且不同儲層的位置模型、不同生產儲層（例如 Campos）的發電能力非常重要，我們只能確認通過鑽孔。

So we have an oil system there in the equatorial margin that once tested and confirmed, will yield great results. I always say that people always call it the new pre-salt, but actually, the equatorial margin is more similar to the Campos Basin.

因此，我們在赤道邊緣有一個石油系統，一旦經過測試和確認，將產生巨大的成果。我總是說人們總是稱之為新鹽下，但實際上，赤道邊緣更類似於坎波斯盆地。

Hello, good afternoon everyone. Good afternoon, Lilyanna. Thank you for your question. In order to obtain a license, Petrobras has really been sparing no effort. And I'd like to comment the latest response that Ibama gave us was not a negative.

大家下午好。下午好，莉莉安娜。謝謝你的提問。為了獲得執照，巴西石油公司真是不遺餘力。我想評論一下伊巴馬給我們的最新回應並不是負面的。

What they did send us was a number of questions to the technical team regarding the proposal that we presented in early August, which was the construction of one more base to protect fauna by Petrobras located in the Oiapoque city limits.

他們向我們提出了一些關於我們在八月初提出的提案的技術團隊問題，該提案是巴西國家石油公司在奧亞波克市範圍內再建造一個基地來保護動物群。

And part of what we proposed in our license request to drill the deepwater regions in Amapa is in fact a set of services. It is a physical fauna protection base, but it is integrated with a number, a large number of different vessels, both ocean going and rivering and a significant number of services and specialized technicians, everything specializing in fauna protection.

我們在阿馬帕深水區域鑽探許可證申請中提出的部分內容實際上是一套服務。它是一個實體動物保護基地，但它整合了大量不同的遠洋和內河船隻以及大量的服務和專業技術人員，一切都專門從事動物保護。

So Petrobras and all of our technical teams have been sparing no effort in bringing to Ibama increasingly making them more and more confident that we do have the capacity for and will obtain this license. And when we obtain this license, we have an exercise that we will perform, which is our preoperational assessment and we're ready for that including by contracting companies that are highly specialized in this sector.

因此，巴西國家石油公司和我們所有的技術團隊一直在不遺餘力地為伊巴馬帶來越來越多的信息，使他們越來越相信我們確實有能力並且將會獲得該許可證。當我們獲得該許可證時，我們將執行一項操作，即我們的營運前評估，我們已做好準備，包括與該領域高度專業化的承包公司進行評估。

So we are quite confident we're going to reply to these latest new questions. We do not in any way, shape or form see that as a refusal.

因此，我們非常有信心能夠回答這些最新的新問題。我們並非以任何方式、形式或形式將其視為拒絕。

Thank you, Clarice. Thank you, Sylvia. William?

謝謝你，克拉麗絲。謝謝你，西爾維亞。威廉？

Yes, we did a nonbinding memorandum of understanding. We're now discussing with our RTC with the area of renewables, and there are some opportunities, some interesting assets on a fertilizers. We're considering producing fertilizers from biomethane.

是的，我們簽署了一份不具約束力的諒解備忘錄。我們現在正在與我們的 RTC 討論再生能源領域，在化肥方面存在一些機會和一些有趣的資產。我們正在考慮用生物甲烷生產肥料。

Just like Fernando said, it has to be with positive NPV for the three scenarios. For the ANSA case in the state of Parana, we want to resume operations in May 2025. It's run by Petrobras alone, there won't be any partnerships to resume operations there. But we do have a memorandum with Yara, and we are now discussing possible partnerships in the future.

正如費爾南多所說，這三種情況都必須具有正的 NPV。對於巴拉那州的 ANSA 案例，我們希望在 2025 年 5 月恢復營運。它由巴西國家石油公司單獨運營，不會有任何合作夥伴來恢復營運。但我們確實與 Yara 簽訂了一份備忘錄，我們現在正在討論未來可能的合作關係。

Thank you, William. Thank you, Lilly for the questions.

謝謝你，威廉。謝謝莉莉的提問。

Caio, Bank of America.

凱奧，美國銀行。

Good afternoon. Thank you for taking my question. First off, Petrobras has been saying or has been talking about the possibility of internationalization of assets in Colombia and Namibia. How do prioritize these assets especially when you consider the potential of the equatorial margin, the Pelotas Basin and domestic assets.

午安.感謝您回答我的問題。首先，巴西國家石油公司一直在談論或一直在談論哥倫比亞和納米比亞資產國際化的可能性。如何優先考慮這些資產，特別是當您考慮赤道邊緣、佩洛塔斯盆地和國內資產的潛力時。

Would you be able to explore all these fronts at the same time? Or is there any of these projects that would take priority. Once it's been approved, you would turn down the others?

您能同時探索所有這些前沿嗎？或者這些項目中是否有任何一個可以優先考慮。一旦獲得批准，你會拒絕其他人嗎？

And I have a more specific question about the gross debt [$35 billion]. Do you believe that it's enough for future projects? Would the company consider increase that ceiling to accommodate more investments or maybe by distributing more cash to investors or both, maybe.

我有一個關於總債務的更具體的問題[350 億美元]。您認為這足以滿足未來的專案嗎？公司是否會考慮提高上限以容納更多投資，或者可能會向投資者分配更多現金，或者兩者兼而有之。

Sylvia and then Fernando.

西爾維婭，然後是費爾南多。

All right, Caio. Well, they're not competing projects. We can make investments in all of them, both equatorial margin and the Pelotas spacing and the investments scheduled abroad [USD7.5 billion in exploration, $3.1 million for equatorial margin, $1.3 million to international projects].

好吧，凱奧。嗯，它們不是競爭項目。我們可以對所有這些領域進行投資，包括赤道邊緣和佩洛塔間距以及計劃在國外的投資[75億美元用於勘探，310萬美元用於赤道邊緣，130萬美元用於國際項目]。

We have wells for these areas, Sao Tome and Principe, this one in South Africa and also Colombia, Bolivia and Argentina. So it's part of our strategic money. These are not excluding projects. So the answer is yes, we can operate in all fronts. And we do hope to do so, including our equatorial margin.

我們在聖多美和普林西比、南非以及哥倫比亞、玻利維亞和阿根廷等地區都有油井。所以這是我們戰略資金的一部分。這些並不排除項目。所以答案是肯定的，我們可以全方位運作。我們確實希望這樣做，包括我們的赤道邊緣。

Thank you, Sylvia. Fernando?

謝謝你，西爾維亞。費爾南多？

Thank you for your question. We've been discussing that in depth in our strategic planning discussions. This is an excellent exercise to help us envision or see many things, what the company thinks about the future. And one of the things is to review the capital structure our own or third parties and the combination of both.

謝謝你的提問。我們在策略規劃討論中一直在深入討論這一點。這是一個很好的練習，可以幫助我們設想或看到很多事情，以及公司對未來的看法。其中一件事是審查我們自己或第三方的資本結構以及兩者的結合。

Everything is being discussed within the strategic planning forum. Once it's been announced, this is one of the items that will be addressed whether we're going to maintain it or not.

一切都在戰略規劃論壇中討論。一旦宣布，無論我們是否要維護它，這都是我們將要解決的問題之一。

Thank you, Fernando, Sylvia and Caio for your questions.

謝謝費爾南多、西爾維亞和凱奧提出的問題。

Regis, XP.

瑞吉斯，XP。

Thank you, Eduardo. Thank for taking my questions and congratulations on the results. I would like to address three topics. One follow-up on extraordinary dividends. I would like to better understand what the debate is. Would you be looking at the cash position in late Q3 and then make a decision based on the cash position and the cash flow that you've already realized? Or are you going to prospecting into the future?

謝謝你，愛德華多。感謝您提出我的問題並對結果表示祝賀。我想談三個話題。關於特別股利的一項後續行動。我想更了解辯論的內容。您是否會查看第三季末的現金狀況，然後根據現金狀況和您已經實現的現金流做出決定？或者你打算展望未來嗎？

Let me put it in a different way. Would it make sense to make more than one extraordinary payment per year if you believe that once you report the full year's results for 2024, we had additional cash -- so this is my follow -- the first follow-up question.

讓我換個說法。如果您相信，一旦報告 2024 年全年業績，我們就有額外的現金，那麼每年支付一筆以上的額外付款是否有意義——所以這是我的看法——第一個後續問題。

My second question is simpler. What is the Búzios and Mero current status for 2026. I would like to understand whether you can anticipate there's room to anticipate or on the other hand, if there is any risk for delays given licensees or hiring labor and equipment. And finally, my question is about -- or the third question is about the Campos Basin. What are the key projects for this '25, '26 time frame.

我的第二個問題比較簡單。布齊奧斯和梅羅 2026 年的現況如何？我想了解您是否可以預期有預期的空間，或者另一方面，是否存在給被許可人或僱用勞動力和設備帶來延誤的風險。最後，我的問題是──或者第三個問題是關於坎波斯盆地。'25、'26 時間範圍內的重點項目為何？

Sylvia?

西爾維亞？

Let me still address the Campos Basin question. Again, it remains a priority to revitalize it, investments in this '24, '28 time frame is [BRL22 billion]. That includes new platforms, Albacora, Barracuda-Caratinga and Jubarte, Maria Quitéria, that is already there and the partnership we have with MC33 with Equinor.

讓我仍然談談坎波斯盆地問題。同樣，振興它仍然是優先事項，在「24」、「28」時間範圍內的投資是[220 億雷亞爾]。其中包括已經存在的新平台 Albacora、Barracuda-Caratinga 和 Jubarte、Maria Quitéria，以及我們與 MC33 和 Equinor 的合作夥伴關係。

And that also includes 200 wells scheduled for this '24, '28 time frame. Additional production can be resumed over 200,000 barrels in the short term in the '25, '26 time frame. This is what we consider for this period.

這也包括計劃在「24」、「28」時間範圍內打井的 200 口井。短期內可在 25 年、26 年期間恢復額外生產超過 20 萬桶。這就是我們這個時期的考慮。

Thank you, Sylvia. Fernando?

謝謝你，西爾維亞。費爾南多？

About extraordinary payments, I would like to make it clear that this is a dynamic decision. What is the cash flow at the start and what the capacity to generate more cash that can ensure our operations and our costs and investments and of course, pay all our debt.

關於特別付款，我想明確指出，這是一個動態的決定。一開始的現金流量是多少，產生更多現金的能力是多少，以確保我們的營運、我們的成本和投資，當然還有償還我們所有的債務。

We'll be considering everything, the cash position in T0 is not the only element there. So we need -- we have to take into account short, mid and long term basis. But having a background in treasury ideally, you have a very streamlined cash and at the same time, have flexibility if you have any stress scenario, I do have alternatives to replenish that cash if needed.

我們會考慮一切，T0 的現金狀況並不是唯一的因素。所以我們需要——我們必須考慮短期、中期和長期的基礎。但是，理想情況下，擁有財務背景的人，可以擁有非常精簡的現金，同時，如果遇到任何壓力情況，也可以具有靈活性，如果需要，我確實有其他方法可以補充現金。

Thank you, Fernando. Thank you, Regis.

謝謝你，費爾南多。謝謝你，雷吉斯。

Conrado, Safra.

康拉多，薩弗拉。

Good afternoon. Thank you for taking my questions. Let me talk about investments in renewables, wind and solar projects. They don't seem to be happening at the speed that we once expected. Do you agree? Or is it because time is uncertain because of the very nature of those projects. Would that change your strategy in some way? Maybe to start with greenfield projects, 100% run by Petrobras.

午安.感謝您回答我的問題。讓我談談再生能源、風能和太陽能專案的投資。它們似乎並沒有以我們曾經預期的速度發生。你同意？或是因為這些項目的性質導致時間是不確定的。這會以某種方式改變你的策略嗎？或許可以從 100% 由巴西國家石油公司 (Petrobras) 營運的綠地計畫開始。

And another question about fertilizers, fertilizers about the Fafen in Bahia and Sergipe. Are you still negotiating that? Are you going to adopt a tolling model by reviewing some of those conditions? Or is there room for other alternatives? So these are my questions.

還有一個關於肥料的問題，關於巴伊亞和塞爾希培的法芬的肥料。你們還在談判嗎？您是否打算透過審查其中一些條件來採用收費模式？或是有其他替代方案的空間嗎？這些都是我的問題。

Thank you, Conrado. Tolmasquim and then William will address the question about fertilizers.

謝謝你，康拉多。托爾馬斯奎姆和威廉將討論有關肥料的問題。

Well, let me address the renewables, wind and solar. There is a very known fact it's coming to an end now. But up until now, we had an oversupply of energy. You have way more projects than demand. Prices, therefore, came down.

好吧，讓我談談再生能源、風能和太陽能。有一個眾所周知的事實，現在它即將結束。但到目前為止，我們的能源供應過剩。您的專案遠多於需求。因此，價格下降了。

Some projects were reduced by the government by Aneel and the economy is picking up again. So that price curve is coming back up again. In order to approve a project, we have to have positive NPV. You have to compensate that, so we have the CapEx.

阿內爾政府減少了一些項目，經濟正在再次復甦。因此，價格曲線再次上升。為了批准一個項目，我們必須有正的淨現值。你必須補償這一點，所以我們有資本支出。

We have possible partners, we do have four companies still negotiating that. The projects are out there, but we have to find the ideal situation, the ideal scenario before we approve those projects. I know that those of you that monitor prices have seen that price change.

我們有可能的合作夥伴，我們確實有四家公司仍在就此進行談判。項目已經存在，但在批准這些項目之前，我們必須找到理想的情況、理想的場景。我知道那些監控價格的人已經看到了價格的變化。

About running by Petrobras 100%, I don't think we're considering that, because the Petrobras cost is somewhat higher to operate renewables partnerships, therefore, are the way to go. We might even consider looking at projects that are already in operations that would smooth things out. So we would put the greenfield projects in the back burner. That's a possibility that is being considered as we speak.

關於 100% 由巴西國家石油公司運營，我認為我們不會考慮這一點，因為巴西國家石油公司運營再生能源合作夥伴關係的成本較高，因此，這是可行的方法。我們甚至可能會考慮尋找已經投入營運的專案來解決問題。因此，我們會將綠地項目放在次要位置。我們正在考慮這種可能性。

William?

威廉？

I'm sorry, it's Conrado. Thank you for your question. We've been talking with the (inaudible) PRA Group. We do have some possibilities that are being considered it has to be a win-win situation. It has to make sense strategically speaking.

對不起，我是康拉多。謝謝你的提問。我們一直在與（聽不清楚）PRA 集團進行交談。我們確實有一些可能性，我們正在考慮這必須是雙贏的局面。從戰略上講，它必須有意義。

We have 8 million tons of urea and we're not producing anything, Fafen Bahia and Sergipe in those two units, our capacity is 1.5 million tons to 2 million tons of urea. We're still talking about it, it has to have some economic feasibility and fit within Petrobras strategy as far as the fertilizer strategy is concerned. So the answer is yes, we are discussing with them.

我們有800萬噸尿素，但我們不生產任何東西，法芬巴伊亞和塞爾希培這兩個裝置，我們的尿素產能是150萬噸到200萬噸。我們仍在討論它，就化肥戰略而言，它必須具有一定的經濟可行性並符合巴西國家石油公司的戰略。所以答案是肯定的，我們正在與他們討論。

Thank you, Conrado for your questions.

謝謝康拉多的提問。

Rodolfo, JP Morgan.

魯道夫，摩根大通。

Hi folks. Most of my questions actually have already been answered. So I have just one, we've been speaking with investors at length and everyone is increasingly concerned about the price of oil. And of course, Petrobras has a very low cost, but I'd like to take the opportunity since we have the company Board and senior management here. When looking at the topic of oil stress, what does Petrobras have planned to react to a potentially more aggressive oil scenario?

大家好。我的大部分問題實際上已經得到了解答。我只想說一件事，我們已經與投資者進行了長時間的交談，每個人都越來越關心石油價格。當然，巴西國家石油公司的成本非常低，但我想抓住這個機會，因為我們公司的董事會和高階管理層都在這裡。在考慮石油壓力這個話題時，巴西國家石油公司計劃如何應對潛在更激進的石油情景？

Thank you, Rodolfo.

謝謝你，魯道夫。

Hi, Rodolfo. Thank you for your question. I think some important points we need to bring here can show the resiliency of our portfolio. When we look at a negative scenario, I know resiliency is not a great word to use. But in that situation, we use $45 a barrel and even in that case, NPV needs to be at least greater than zero.

嗨，魯道夫。謝謝你的提問。我認為我們需要在這裡提出的一些重要觀點可以顯示我們投資組合的彈性。當我們看到負面的情況時，我知道「彈性」這個詞不太好用。但在這種情況下，我們使用每桶 45 美元，即使在這種情況下，NPV 也需要至少大於零。

So today, at 0.75, we have a significant amount of headroom and all of our planning, now I should mention we run hundreds of scenarios to investigate whether or not our plan is a good fit. And one of -- many of these plans include drops in the price of the dollar. But it's difficult to study any of these by themselves.

所以今天，在 0.75，我們有大量的空間和我們所有的計劃，現在我應該提到我們運行了數百個場景來調查我們的計劃是否合適。其中許多計劃都包括美元價格下跌。但單獨研究其中任何一個都是很困難的。

Now if we look at conjugate pairs of scenarios and the drop, we are looking at a $4 billion to $5 billion a year drop in yearly operating revenue. But the world moves -- the world keeps moving. There are many different factors to take into consideration for the aggregate value. But we do run those types of scenarios. And remember that our resiliency scenario is $45, and it does need to pass that test.

現在，如果我們觀察共軛情景和下降情況，我們會看到每年營業收入下降 40 億至 50 億美元。但世界在變化——世界一直在變化。總價值需要考慮許多不同的因素。但我們確實運行了這些類型的場景。請記住，我們的彈性場景是 45 美元，它確實需要通過測試。

Thank you, Fernando. Thank you, Rodolfo.

謝謝你，費爾南多。謝謝你，魯道夫。

Vicente, Bradesco

維森特·布拉德斯科

Hi, Eduardo. Thanks to everyone. I have two questions. I'd like to go back on to the question of inflation for equipment and services. In the last couple of months -- 12 months, we looked at top side numbers and prices went up by 150%, which was quite worrying.

嗨，愛德華多。謝謝大家。我有兩個問題。我想回到設備和服務的通貨膨脹問題。在過去的幾個月（12 個月）中，我們查看了頂部數據，價格上漲了 150%，這非常令人擔憂。

Today, we are competing with Guyana and Namibia and Asia, there's a lot of onshore as well. Petrobras has a matter of scale and long term loyalty with the different shipyards. So how does that touch on the topic of CapEx and inflation, especially considering double digit inflation at the $2 billion level.

今天，我們正在與圭亞那、納米比亞和亞洲競爭，還有很多陸上企業。巴西國家石油公司注重規模以及與不同造船廠的長期忠誠度。那麼，這與資本支出和通貨膨脹的話題有何關係，特別是考慮到 20 億美元水準的兩位數通貨膨脹。

And next, I'd like to go back to Fernando and the CARF. You mentioned that there is probably [3 billion more] to arrive by the next quarter. Does that include payouts to go back to the partners to the shareholders, has that been addressed in the third quarter?

接下來，我想回到費南多和 CARF。您提到到下個季度可能還會有 [30 億] 到達。這是否包括返還給合作夥伴和股東的支出，這個問題在第三季得到解決嗎？

Sure. We'll begin with Fernando and then Renata.

當然。我們將從費爾南多開始，然後是雷納塔。

Could you repeat the question?

你能重複一下這個問題嗎？

He asked about the CARF.

他詢問了 CARF 的情況。

Okay. Yes, I understand, sorry about that. Well, there are two effects regarding the CARF. First is reimbursing the partners. Initially, we had the planned BRL2.6 billion of that, I'm talking about BRL here. Of that BRL200 million have not yet been recognized, leaving BRL2.4 billion that have been recognized from June to September, and of those [BRL1.9 million have already become cash that was effectively received by Petrobras in the year-to-date in the current year. And there was a reduction in income tax and social requirements in the order of BRL4.2 billion] because our fiscal basis was reduced by the value of that expense.

好的。是的，我明白，對此感到抱歉。嗯，CARF 有兩個影響。首先是補償合作夥伴。最初，我們計劃了 26 億巴西雷亞爾，我在這裡談論的是巴西雷亞爾。其中 2 億雷亞爾尚未確認，剩下 24 億雷亞爾已於 6 月至 9 月期間確認，其中 [190 萬雷亞爾已成為巴西國家石油公司今年迄今有效收到的現金。所得稅和社會要求減少了約 42 億雷亞爾]，因為我們的財政基礎因該費用的價值而減少。

And we imagine that in the next go around, that's going to drop by some $500 million, BRL3 billion in Q1 '25. And just before I pass on to Rodolfo, I mentioned the revenue of every $10 in reduction, we have [$5 billion] but that's about operating cash, okay, just a correction.

我們預計，在下一輪中，25 年第一季這一數字將下降約 5 億美元，即 30 億雷亞爾。就在我向魯道夫傳達之前，我提到每減少 10 美元，我們就有 [50 億美元] 的收入，但這只是營運現金，好吧，只是一個修正。

Right. All right, Vicente. There is not one single reason for that increase. It ranges from projects of ours that are more complex, and that has a lot of -- we've been doing lots of homework. We're back to drawing board running benchmarks and critical analysis on our projects. Another reason was the cost of feedstock and inputs. The nickel went up to ridiculous levels because of the war in Ukraine.

正確的。好吧，維森特。這一增長沒有單一原因。它的範圍包括我們的更複雜的項目，並且有很多——我們一直在做大量的作業。我們重新開始對我們的專案進行基準測試和批判性分析。另一個原因是原料和投入的成本。由於烏克蘭戰爭，鎳價上漲到了荒謬的水平。

Another aspect that we've been discussing at length with the market and as I mentioned here is I've been recently inspecting our projects in Asia two weeks ago, and I had the chance to speak to many of our vendors some of whom were actually not even supplying us anymore for various different reasons.

我們與市場詳細討論的另一個方面，正如我在這裡提到的，兩週前我最近一直在檢查我們在亞洲的項目，我有機會與我們的許多供應商交談，其中一些實際上是由於各種不同的原因甚至不再向我們供貨。

And all of them, every single one with no exception showed an interest in working with us and with partners in Brazil. And we always put that as a condition that we will not do without. We insist on our vendors working with partners in Brazil. So we have an MoU signed in that sense.

他們所有人，無一例外，都表現出了與我們以及巴西合作夥伴合作的興趣。我們總是把這個當作我們不能沒有的條件。我們堅持要求我們的供應商與巴西的合作夥伴合作。因此，我們在這個意義上簽署了諒解備忘錄。

We've been discussing with the market to understand what they need. We've been expanding our basis, our database of partners as well. And focusing on our products, too, that basically we're in constant talks with the market to understand everything that's going on.

我們一直在與市場討論以了解他們的需求。我們一直在擴大我們的基礎和合作夥伴資料庫。也關注我們的產品，基本上我們不斷與市場對話以了解正在發生的一切。

Thank you, Renata, Fernando and Vicente for your questions. And now with Vicente's questions over, we conclude our Q&A session. We would like to thank you all truly for your questions. They really enrich our discussions with investors.

謝謝雷納塔、費爾南多和維森特提出的問題。現在，維森特的問題結束了，我們的問答環節就結束了。我們衷心感謝大家提出的問題。它們確實豐富了我們與投資者的討論。

Today, we had over 1,000 people connected during this webcast, and everyone is all the richer for the questions you ask. If there are any additional questions, we'll be happy to answer them through our IR team, who will be at your disposal. For some final remarks, we have Fernando.

今天，我們有超過 1,000 人參與了這次網路廣播，每個人都因為您提出的問題而更加豐富。如果還有任何其他問題，我們很樂意透過我們的 IR 團隊為您解答，他們將隨時為您服務。最後請費爾南多發言。

I'd just like to thank everyone on behalf of Petrobras to all of you for your commitment to joining us and with regard to your technical questions too. And our investor relations team is always at your disposal. If you have any questions at all, as Eduardo mentioned, we're always here and available to answer them.

我謹代表巴西國家石油公司感謝大家對加入我們的承諾，並感謝你們提出的技術問題。我們的投資者關係團隊隨時為您服務。正如 Eduardo 所提到的，如果您有任何疑問，我們將隨時為您解答。

We would be happy to take your questions, just reach out to us and thank you once again for joining us in another webcast. This event is already available at the Petrobras investor relations site and we will shortly make available the audio and the live replay. Thanks to all your investors. Have a great afternoon and a great weekend. See you next time.

我們很樂意回答您的問題，請與我們聯繫，並再次感謝您加入我們的另一個網路廣播。該活動已在巴西國家石油公司投資者關係網站上發布，我們很快就會提供音訊和現場重播。感謝所有投資者。祝您有個愉快的下午和愉快的週末。下次見。

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.

本筆錄中的英語陳述是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。