巴西石油 (PBR) 2024 Q4 法說會逐字稿

Good morning, everyone. Welcome to Petrobras' full year 2024 earnings presentation for analyst and investors. We apologize with the technical issues we've had. We were able to overcome them and we will now begin. This event will be presented in Portuguese with simultaneous translation into English. The links for both languages are available on our Investor Relations website. (Operator Instructions) And you'll be able to send your questions via e-mail to petroinvest@petrobras.com.br.

大家早安。歡迎參加巴西石油公司面向分析師和投資者的 2024 年全年收益報告。對於所遇到的技術問題，我們深感抱歉。我們能夠克服這些困難，現在我們就可以開始了。本次活動將以葡萄牙語進行，並同步翻譯成英語。我們的投資者關係網站上提供了兩種語言的連結。（操作員說明）您可以透過電子郵件將您的問題發送至 petroinvest@petrobras.com.br。

Joining us today are Petrobras' President, Magda Chambriard; Executive Director of Corporate Affairs, Clarice Coppetti; Executive Director of Logistics Commercialization End Markets, Claudio Schlosser; Executive Director of Finance and Investor Relations, Fernando Melgarejo; Executive Director of Governance & Compliance, Mario Spinelli; Executive Director of Energy Transition and Sustainability, Mauricio Tolmasquim; Executive Director of Engineering, Technology and Innovation, Renata Baruzzi; Executive Director of Exploration and Production, Sylvia dos Anjos; and Executive Director of Industrial Processes and Other Products William Franca.

今天與我們一起出席的有巴西石油公司總裁 Magda Chambriard；公司事務執行董事 Clarice Coppetti；物流商業化終端市場執行董事 Claudio Schlosser；財務和投資者關係執行董事 Fernando Melgarejo；治理與合規執行董事 Mario Spinelli；能源轉型與永續發展執行董事 Mauricio Tolmasquim；治理與合規執行董事 Mario Spinelli；能源轉型與永續發展執行董事 Mauricio Tolmasquim；執行董事與合規執行董事 Mario Spinelli；能源轉型與永續發展執行董事 Mauricio Tolmasquim；執行董事與合規執行董事 Mario Spinelli；能源轉型與永續發展執行董事 Mauricio Tolmasquim；執行董事與合規執行董事 Mario Spinelli；能源轉型與永續發展執行董事 Mauricio Tolmasquim；管理William Franca。

To begin, I'll now hand over to our President, Magda Chambriard for her initial remarks. Please, Magda, you may proceed.

首先，我現在將會議主席瑪格達·尚布里亞爾 (Magda Chambriard) 的演講交給她。瑪格達，請你繼續。

Ladies and gentlemen, good afternoon. It is a great pleasure to join you today to talk a little bit about our performance in 2024 and to also place ourselves at your service and to answer any questions you may have about said performance.

女士們、先生們，午安。今天，我們非常高興能與大家一起談論我們在 2024 年的表現，並竭誠為您服務，解答您對上述表現的任何疑問。

As Eduardo well said, we have the entire executive board here with us as well as a few directors and executives who are all open to this discussion about our results. I'd like to thank everyone for joining us and especially our investors who are watching us right now. I'm happy to be here.

正如愛德華多所說，我們的整個執行委員會以及一些董事和高層都願意討論我們的表現。我要感謝所有人的參與，特別是正在關注我們的投資者。我很高興來到這裡。

And it is very important to have all of you connected with us today. It is always a great joy to be able to join events like this, where we can show you our vision and tell you face-to-face or looking into your eyes where the company is and where we stand about its performance.

今天讓大家與我們聯繫非常重要。能夠參加這樣的活動總是令人非常高興，我們可以向您展示我們的願景，並面對面或透過您的眼睛告訴您公司目前的情況以及我們對其業績的評價。

I start by telling you that 2024 was a very positive year for Petrobras. We also believe that 2025 will be even better. In 2024, we generated over BRL200 million in cash and paid over BRL102 billion in dividends. All of that took place in a more challenging environment with Brent and diesel crack prices lower. But even so, our investments went up by 31% to $16 billion and also reduced our full debt to the lowest level since 2008.

首先我想告訴大家，2024 年對巴西石油公司來說是非常積極的一年。我們也相信2025年會更好。2024年，我們產生了超過2億雷亞爾的現金，並支付了超過1,020億雷亞爾的股利。所有這一切都發生在布蘭特原油和柴油裂解價格走低的更具挑戰性的環境中。但即便如此，我們的投資仍成長了31%，達到160億美元，同時我們的全部債務也降至2008年以來的最低水準。

This is no surprise to using as it's already been reported, but we saw a loss of BRL17 billion in Q4. That's something you've probably read in newspaper headlines today. But we'd like to tell you that it is very important to understand that this loss involves no flaw in the company's cash situation. This was the result of an exclusively accounting event, which is the variation in exchange rate and its impact on Petrobras' debt as well as the debts of Petrobras' subsidiaries.

這並不奇怪，因為已經有報導了，但我們發現第四季度損失了 170 億巴西雷亞爾。您可能已經在今天的報紙頭條上讀到過這樣的消息。但我們想告訴您，必須明白，這種損失與公司的現金狀況沒有任何關係。這是純粹會計事件的結果，即匯率變動及其對巴西石油公司債務以及巴西石油公司子公司債務的影響。

This BRL59 billion in transactions in 2024, affect our accounting results, but lead -- in no way does it lead to outplace by the company. We've lowered our debt level and paid dividends throughout the year. We paid about BRL102 billion in -- Petrobras is strong and extremely healthy in financial terms. In operational terms, and with regard to cash generation, we continue to move forward.

2024 年這筆 590 億巴西雷亞爾的交易會影響我們的會計結果，但絕對不會導致公司破產。我們降低了債務水平，並在全年支付了股息。我們支付了約 1,020 億巴西雷亞爾——巴西石油公司的財務狀況非常強勁且健康。在營運方面以及現金產生方面，我們繼續向前邁進。

About 10 days ago, we began the operation of an FPSO, Almirante Tamandare in the Buzios field. These operations brought capacity for 225 barrels of oil a day. We must say, that this is the largest deepwater operations field in the world and that this 225 barrels a day FPSO is the first of four large rigs that will come into operation and will help this field produce about 200 million barrels a day by 2030.

大約 10 天前，我們開始在 Buzios 油田運作 FPSO Almirante Tamandare。這些作業使石油日產量達到 225 桶。必須說，這是世界上最大的深水作業油田，這艘日產225桶的FPSO是即將投入營運的四座大型鑽井平台中的第一座，到2030年將幫助該油田日產石油約2億桶。

This is a production and production potential that's unprecedented that no other country shows or has shown. And while it may take some time for this field to reach its full potential, we've already managed to see 800,000 barrels a day in Buzios. Thanks to the start of operations in the FPSO, which started earlier, and I mean Almirante FPSO, as I mentioned earlier. This is Petrobras' most productive field. Before that, the most productive one would produce 150,000 barrels a day. So we're close to 2P now with 800,000. And Buzios, this will probably jump to be soon to 1.5 billion and even 2 billion barrels a day by 2030. It's a Hess asset. And again, the largest deepwater oil field in the world.

這是其他國家從未展現過的、前所未有的產量和生產潛力。儘管該油田可能還需要一段時間才能充分發揮其潛力，但我們已經成功在布茲奧斯看到了每天 80 萬桶的產量。感謝 FPSO 的早期投入運營，我指的是 Almirante FPSO，正如我之前提到的。這是巴西石油產量最高的油田。在此之前，產量最高的一座油田每天可產出15萬桶石油。因此，我們現在擁有 80 萬人，接近 2P。到 2030 年，布齊奧斯的石油產量很可能會迅速躍升至每天 15 億桶甚至 20 億桶。這是赫斯的資產。這又是全世界最大的深水油田。

This is excellent news, even better when we see wells with production potential of as high as 70,000 barrels of oil a day. A single well in this field platform whose production we opened earlier has been to produce more than many oil fields around the world, 1,000 barrels of oil a day, as I said. Later this quarter, we should reach 1,000 -- we expect this well to exceed the production of many others in the world and for it to produce alone over 2 million barrels a day becoming the productive production field that Petrobras runs. Needless to say, Buzios is an invaluable asset for us, which is why I'd like to take this opportunity to speak a little bit more about our investments in 2024.

這是個好消息，當我們看到油井的日產量潛力高達 7 萬桶石油時，就更好了。正如我所說，我們之前開放的這個油田平台上的單井日產量已經超過世界上許多油田，每天可產出 1,000 桶石油。本季晚些時候，我們的產量應該會達到 1,000 桶——我們預計這口油井的產量將超過世界上許多其他油井的產量，並且每天的產量將超過 200 萬桶，成為巴西石油公司運營的生產油田。毋庸置疑，布齊奧斯對我們來說是一筆無價的財富，因此我想藉此機會進一步談談我們在 2024 年的投資。

Our investment, which came to $16.6 billion, slightly higher than what we established in our guidance was a recovery of our investments that we had planned for 2025 in our organizational strategy and which we fully executed in 2024, anticipating the options in a platform such as this one, just to give you an idea of what this means. This means an increase in present net value for this platform by about $2.2 billion in a 3-year period. So this is already solved, and we do not expect to see the same level of CapEx in the first quarter of 2025. And it is very important that this is clear to everyone. This investment was due to the anticipation of plant investments and also of high potential -- a high potential oil operation.

我們的投資達到了 166 億美元，略高於我們在指導中確定的金額，這是我們在組織策略中為 2025 年規劃的投資的恢復，我們在 2024 年全面執行了這些投資，預計在這樣的平台中會有各種選擇，只是為了讓你了解這意味著什麼。這意味著該平台的現淨值在3年內增加約22億美元。所以這個問題已經解決了，我們預計 2025 年第一季不會出現相同水準的資本支出。讓每個人都清楚這一點非常重要。這項投資是由於對工廠投資的預期以及高潛力——高潛力的石油業務。

Also important, these investments that we pushed from 2025 to 2024 in Buzios, where again to start operations in the most productive deepwater oil rig in the world, meaning more oil in a field that's highly -- with high potential and with also high financial return, something that's absolutely unquestionable. We understand how the market may be frustrated with the near-term results, but we'd like to remind you that making advanced investments such as what we did in Buzios is what any investor might ever want. Increased production and a highly production -- in a highly productive field is money in your pockets quicker. So ultimately, what we're offering you is oil more quickly.

同樣重要的是，我們在布基亞斯從 2025 年到 2024 年進行的這些投資，將再次在世界上最高產的深水石油鑽井平台上開始作業，這意味著在一個具有高潛力和高財務回報的油田中產出更多的石油，這是絕對不容置疑的。我們理解市場可能會對短期結果感到失望，但我們想提醒您，進行像我們在布茲奧斯所做的那樣的高級投資是任何投資者都希望的。提高產量和高度生產——在高產量領域，錢可以更快地進入你的口袋。所以最終，我們為您提供的是更快的石油。

If possible, we would have advanced all the Buzios related CapEx to today. And all of you would be very happy because we would start producing its full potential by tomorrow. And most likely, you would be able to rely on production levels of about 2 million barrels a day in a single field. This adds value to Petrobras. But unfortunately, we cannot advance the investment that much. We did what was possible to us. And if in the future, we can advance something that will bring as much profit or even more. Rest assured, this is what Petrobras will do. We will always try to advance investments in order to derive value for the company. And whenever that happens, what we are advancing is cash generation with new oil coming in, meaning we are making any investors pipe dream come true.

如果可能的話，我們會將所有與布茲奧斯相關的資本支出提前到今天。你們所有人都會非常高興，因為我們明天就會開始發揮它的全部潛力。而且最有可能的是，你可以依靠單一油田每天約 200 萬桶的產量水準。這為巴西石油公司增加了價值。但不幸的是，我們無法預付那麼多的投資。我們做了我們能做的事情。如果將來我們能夠推進某項事業，就能帶來同樣多甚至更多的利潤。請放心，巴西石油公司將會這麼做。我們將始終努力推進投資，為公司創造價值。無論何時，我們都會透過新石油的開採來創造現金，這意味著我們正在讓任何投資者的夢想變成現實。

That's what we're focusing on. We are focusing on bringing abductions, investments and value earlier. And this is something we did deliberately. Other example was FPSO Maria Quiteria whose operations, which was expected to take place later in the Campos Basin. This is a platform that was expected to start operating in 2025, and we were able to make it, so that operations started in October 2024. Again, it was advanced cash spending that was made deliberately. And it must be said that, this was the result of a great effort by our team, which was accomplished thanks to the very well fine-tuned directories or secretariats in the country -- in the company.

這就是我們所關注的。我們專注於儘早實現綁架、投資和價值。這是我們故意為之。另一個例子是 FPSO Maria Quiteria，預計其作業稍後將在 Campos Basin 進行。這個平台預計在 2025 年開始運營，我們成功了，因此在 2024 年 10 月就開始運營了。再一次，這是故意提前進行的現金支出。必須說，這是我們團隊付出巨大努力的結果，這要歸功於公司在該國非常精細的目錄或秘書處。

We also set new records in our presale project, which now accounts for 80% of all of Petrobras' production. These are world-class assets, which are highly productive and which currently, as I said, account for 80% of the company's full output. We started operating FPSO Marshal Duque de Caxias in the Mero field in addition to Maria Quiteria in the Jubarte field that expanded our production capacity. Our production peaked in FPSO Sepetiba, also in the Mero field.

我們的預售項目也創下了新紀錄，目前該項目佔巴西石油總產量的 80%。這些都是世界一流的資產，生產力極高，正如我所說，目前占公司全部產量的 80%。除了在 Jubarte 油田營運 Maria Quiteria FPSO 外，我們也開始在 Mero 油田營運 FPSO Marshal Duque de Caxias，從而擴大了我們的生產能力。我們的產量在 FPSO Sepetiba 和 Mero 油田達到頂峰。

Another very positive piece of news was the increase in our reserves in 2024. To give you an idea, over the course of 2024, we produced 900 million barrels of oil. And we also replenished 1.2 billion barrels to our reserves. Meaning, we produced 900 million and also replenished our inventory showing that, our reserves are a priority for us.

另一個非常正面的消息是我們的儲備在 2024 年將會增加。舉個例子，2024 年，我們生產了 9 億桶石油。我們也補充了12億桶石油儲備。這意味著我們生產了 9 億，同時也補充了庫存，這表明儲備對我們來說是優先事項。

We faced the production challenge, we produced a type of energy that's non-renewable, which is to say production of this is expected to decline, and we've been able to show greater production and a larger reserve. Replenishing our reserves is absolutely critical for Petrobras to remain important and relevant, both in Brazil and the world over the next few decades.

我們面臨生產的挑戰，我們生產了一種不可再生能源，也就是說這種能源的產量預計會下降，而我們已經能夠展示更高的產量和更大的儲量。補充我們的儲備對於巴西石油公司在未來幾十年保持其在巴西和世界的重要地位和相關性至關重要。

So we understand as paramount to responsibly explore the equatorial Shore, which is an area we understand to be of high potential as well as other borders in Brazil, such as the Pelotas Basin in the southern side of Brazil. We are currently conducting exploratory results in that basin and also interpreting the seismic science, and we expect this basin, which already shows similarities to the Namibia basin might also provide us a fruitful future, when it comes to oil production.

因此，我們認為負責任地探索赤道海岸至關重要，我們認為該地區以及巴西的其他邊境地區（例如巴西南部的佩洛塔斯盆地）都具有很高的潛力。我們目前正在該盆地進行勘探工作，並對地震科學進行解釋，我們預計，該盆地與納米比亞盆地有相似之處，在石油生產方面，它也可能為我們提供豐碩的未來。

Our actions took place not only in production and exploration and also not only in engineering. In refining, we also reported major breakthroughs. Our gasoline and S10 diesel also deserve a highlight. Bear in mind that S10 diesel is our most profitable product. And we set record breaking production in S10 diesel production. Our refineries operated with the highest operating factor in the last 10 years. And 70% of deep water oil reached its highest percentage in total produced mill.

我們的行動不僅發生在生產勘探領域，也不僅發生在工程領域。在煉油方面，我們也取得了重大突破。我們的汽油和 S10 柴油也值得重點介紹。請記住，S10 柴油是我們最賺錢的產品。我們在S10柴油生產方面創下了破紀錄的產量。我們的煉油廠的營運率是過去 10 年來最高的。其中深水油佔總產量的70%達到了最高水準。

And as you know, years ago, our most important production came from the Campos Basin, and this was heavy oil. So to reach 70% of deepwater oil share in the processed load in 2024, meaning a lighter oil. All this goes to show is how much work our teams have accomplished to change the level of processing of this oil to deliver as much value as possible to you as a result of our most valuable asset, which is our deepwater prospecting and exploration.

如你所知，多年前，我們最重要的產出來自坎波斯盆地，那就是重油。因此，到 2024 年，深水石油在加工負荷中所佔份額要達到 70%，這意味著石油會變得更輕。這一切都表明，我們的團隊為改變石油加工水平做出了多少努力，以便透過我們最寶貴的資產，也就是深水勘探和探索，為您帶來盡可能多的價值。

We also started operations at PGN, the natural gas production in the state of Rio de Janeiro as well as the sulfur unit in the Pernambuco unit, which we call RNEST. Many accomplishments and breakthroughs have come throughout the year. And because we do not have a lot of time, we just like, just wanted to offer you a summary of what we've accomplished. But once again, we are here at your service and available to answer any question you might have.

我們也開始營運位於裡約熱內盧州的天然氣生產基地 PGN 以及位於伯南布哥州的硫磺裝置（我們稱之為 RNEST）。這一年，我們取得了許多成就和突破。因為我們的時間不多，所以我們只是想向您概述我們所取得的成就。但再次強調，我們隨時為您服務，並解答您可能遇到的任何問題。

Our operations, ladies and gentlemen, rest assured it is absolutely profitable. Petrobras has had an operating cash generation which is unprecedented for 2024. We are talking about no more, no less than BRL204 billion in operating cash generation. And as I have mentioned in the beginning of my speech, we had a reduction in our financial debt, which is now BRL23 billion. In other words, we generated our operating cash flow to the tune of BRL204 billion.

女士們、先生們，請放心，我們的營運絕對是獲利的。巴西石油公司的營運現金流在 2024 年是前所未有的。我們談論的營運現金流不會多也不會少，不會少於 2,040 億巴西雷亞爾。正如我在演講開始時提到的，我們的財務債務減少，目前為 230 億巴西雷亞爾。換句話說，我們產生的經營現金流達到 2,040 億巴西雷亞爾。

We paid off BRL270 billion in taxes, and we concluded a year with a lower financial debt, the lowest level we've seen in the last 10 years. So we have reached our lowest point in the debt since 2008 and that means, ladies and gentlemen, that we have generated enough resources to invest, compensate our shareholders, meet our obligations, and we did all of that with a debt level that is well under control, which makes for an excellent financial health for the company.

我們償還了 2,700 億巴西雷亞爾的稅款，而這一年的財務債務較低，達到了過去 10 年來的最低水準。因此，我們的債務已經達到了 2008 年以來的最低點，女士們，先生們，這意味著我們已經產生了足夠的資源來投資、補償我們的股東、履行我們的義務，而且我們在債務水平得到很好控制的情況下完成了所有這些工作，這使得公司的財務狀況非常好。

I underscore that the accounting loss of the fourth quarter does not reflect operating soundness or the financial health of Petrobras. But rather, it is the effect of the exchange rate variation and that of Petrobras with its own subsidiary companies abroad.

我強調，第四季的會計虧損並不能反映巴西石油公司的經營穩健性或財務健康狀況。而是匯率變動以及巴西石油公司及其海外子公司的影響。

Just to give you an idea of what that means and how that translates into an accounting amount, it was an impact of BRL59 billion which results, once again, this does not have any impact on our cash flow, but rather this is an effect of Petrobras' debt with its subsidiaries abroad.

只是為了讓您了解這意味著什麼以及如何將其轉化為會計金額，這產生了 590 億巴西雷亞爾的影響，這再次對我們的現金流沒有任何影響，而是巴西石油公司對其海外子公司的債務的影響。

And again, this is not to say, it's very important to underscore and understand this fact. This negative value of the variation did not come from the company's cash and furthermore, that is to say that as the dollar scales back, part of this amount will be a profit in the first quarter of 2025.

再說一次，這並不是說，強調和理解這一事實非常重要。這個負值的變化並非來自公司的現金，而且，隨著美元貶值，這部分金額的一部分將成為2025年第一季的利潤。

In some years, this variation is positive and other years, this variation is negative. This year and throughout 2024, this variation was negative to the tune of BRL59 billion. For example, if we were to do a simulation for the first quarter of 2025, closing at the current exchange rate of BRL570 all the way to BRL585 per USD, that exchange variation would give us instantly, a positive result in the order of $2 billion in the first quarter of 2025.

在某些年份，這種變化是正的，而在另一些年份，這種變化是負的。今年以及整個 2024 年，這項變化為負值，達到 590 億巴西雷亞爾。例如，如果我們對 2025 年第一季進行模擬，以當前匯率 570 巴西雷亞爾兌 1 美元一路上漲至 585 巴西雷亞爾兌 1 美元，那麼這種匯率變化將立即為我們帶來 2025 年第一季約 20 億美元的正收益。

In BRL, north of BRL11 billion and that's only coming from the exchange rate variation and the accounting profit. And again, without any impact on our cash flow. At the end of the day, we have some opposite effects that come to a balance economically, and that is because the exchange variation between the net results of the Brazilian holding has an impact on the profit -- a negative impact in this case for 2025.

以巴西雷亞爾計算，超過 110 億巴西雷亞爾，而這僅來自匯率變動和會計利潤。而且，這不會對我們的現金流產生任何影響。最終，我們會得到一些在經濟上達到平衡的相反影響，這是因為巴西控股公司的淨結果之間的匯率差異對利潤產生了影響——在這種情況下對 2025 年產生了負面影響。

However, at the same time, this comes in positively into our net worth. One theoretical example. If we were to exclude this exchange variation from different exclusive events, as well as the tax transaction from the second semester and by the way, I do parenthesis here, that decision, by the way, was recognized as a very positive one. In this case, the Petrobras profit in 2024 would have been $19.4 billion. So from that perspective, it's worthwhile to have this calculation in mind.

然而，同時，這也對我們的淨資產產生了正面影響。一個理論上的例子。如果我們將這種匯率變化從不同的獨家事件中排除，以及從第二學期開始的稅收交易，順便說一句，我在這裡加了括號，順便說一句，這個決定被認為非常積極。在這種情況下，巴西石油公司 2024 年的利潤將達到 194 億美元。因此從這個角度來看，值得進行這樣的計算。

Now I will discuss a little bit about the company's future. I already mentioned the Buzios field. So let's get into Petrobras' future. When we come out to talk about the results of 2025, we will be looking at a company that is producing more. We are planning an increase of 100,000 barrels per day for 2025. And by the way, we remind you that we are working with non-renewable power sources and the trend is a downward trend.

現在我將稍微討論一下公司的未來。我已經提到過布茲奧斯球場。讓我們來探討一下巴西石油公司的未來。當我們談論 2025 年的業績時，我們會看到一家產量較多的公司。我們計劃在 2025 年每天增加 10 萬桶。順便說一句，我們提醒您，我們正在使用不可再生能源，趨勢是下降趨勢。

And what we are presenting to you, ladies and gentlemen, is that even though we are facing some declining trends, we intend to announce to all of you by the end of 2025 that will have an increase in production in the order of 100,000 barrels of oil per day. We will have three new producing units that are going fully operational throughout the year.

女士們、先生們，我們要向你們介紹的是，儘管我們面臨一些下降趨勢，但我們打算向大家宣布，到 2025 年底，石油日產量將增加 10 萬桶。我們將有三個新的生產單位全年全面投入營運。

And once again, ladies and gentlemen, this is an effect -- this is a time that is very challenging. But Petrobras is adamant and ready to face up to the challenges and turn it into positive results.

女士們、先生們，再說一遍，這是一個非常具有挑戰性的時期。但巴西石油公司態度堅定，準備迎接挑戰並將其轉化為積極成果。

The revamp of the Train 1 from the refinery of Pernambuco and the new HDT, those will be fully operational by the end of this year, which also means more diesel out in the market and it means something extra as a matter of fact. It means more S10 diesel in the market, which is our most prized position, our most high value-added product.

伯南布哥煉油廠 1 號生產線的改造和新的 HDT 將於今年年底全面投入運營，這也意味著市場上將有更多的柴油，事實上這意味著一些額外的事情。這意味著市場上將有更多的 S10 柴油，這是我們最重視的產品，也是我們附加價值最高的產品。

We are also returning to the fertilizer business with the operation of Enza, which is estimated for 2025, and we will also resume the works of UFN3, which is the fertilizer unit of the Midwest of Brazil. We are expanding our fleet by acquiring four range vessels and eight additional vessels for coasting.

我們也將隨著 Enza 的營運重返肥料業務，預計到 2025 年，我們也將恢復巴西中西部肥料部門 UFN3 的運作。我們正在擴大我們的船隊，購買四艘遠洋船和八艘沿海船。

For those that are not familiar with range vessels, these are vessels that pick up fuel in the south of Rio and take it all the way north to the Igua support to replenish our vessel fleet, our supporting vessels and we are also expanding that with an additional eight vessels for coastal navigation.

對於那些不熟悉遠程船隻的人來說，這些船隻在裡約熱內盧南部加註燃料，然後一路向北運送到伊瓜蘇河支援區，以補充我們的船隊和支援船隻，我們還將增加 8 艘用於沿海航行的船隻。

And I will tell you why, because on Route 3, we will produce more GLP and this GLP will actually be distributed throughout the Brazilian coast with these vessels. So once again, all of that operation will be carried out to distribute this production, which finds itself in a growing trend. We are growing this production more and more.

我來告訴你原因，因為在 3 號路線上，我們將生產更多的 GLP，這些 GLP 實際上將透過這些船隻分發到整個巴西海岸。因此，我們將再次進行所有這些工作來發行這部呈現成長趨勢的作品。我們正在不斷擴大產量。

And again, these are major opportunities for the national industry. These are vessels that are going to be financed by the Merchant Navy and they are going to be operational. So it's noteworthy to mention that, this enlargement of our fleet is all of our governance procedures, all of our economic analysis. So all of that is a positive prospect in all three scenarios and analysis that we ran and this is a very promising and optimistic scenario.

這對民族工業來說又是重大機會。這些船隻將由商船隊資助並投入使用。值得一提的是，我們船隊的擴大是我們所有的治理程序和所有的經濟分析的結果。因此，在我們運行的所有三種情境和分析中，所有這些都是積極的前景，這是一個非常有希望和樂觀的情景。

Now once again, when it comes to the local content in this fleet, which will be our own fleet, we are talking about a major contribution from the federal government when it comes to the local -- which may reach as high as 65% of supply from the national industry, it's worthy to say that, this cost will not be paid for by Brazil. This will be paid rather by the federal government via some financing structures at a reduced cost from the Merchant Navy fund and also a new legislation in Brazil, which is drafted by the federal government.

現在再一次談到這支船隊的本地內容，也就是我們自己的船隊，我們正在談論聯邦政府對本地內容的重大貢獻——可能高達 65% 的供應來自國家工業，值得一提的是，這筆費用不會由巴西支付。這筆款項將由聯邦政府透過一些融資結構以較低的成本從商船基金支付，並由聯邦政府起草的巴西新立法支付。

It's a procedure related to the accelerated depreciation, which is enabled as of 2024, thanks to the efforts of the federal government. And once again, with the support of the federal government, these developments may reach as high as 65% local content, generating jobs and expanding the participation of the Brazilian industry in the naval and offshore industries.

這是與加速折舊相關的程序，由於聯邦政府的努力，該程序將於 2024 年啟用。再一次，在聯邦政府的支持下，這些發展可能達到高達65％的本地內容，從而創造就業機會並擴大巴西工業在船舶和近海工業中的參與度。

And to us, this is rather positive because besides having assets that compete on the international level, for the costs of replenishment, we also have some suppliers that are close to us, and those are meeting all of our demands in a timely fashion.

對我們來說，這是相當積極的，因為除了擁有在國際上具有競爭力的資產外，在補貨成本方面，我們還有一些與我們關係密切的供應商，他們及時滿足了我們的所有需求。

Therefore, when you consider all of our projects to expand our fleet and to increase the number of vessels we own, we expect to generate 44,000 new jobs. These are going to be very positive hiring processes that are going to increase our ability to respond swiftly to our needs and to distribute fuel throughout the country.

因此，當考慮到我們擴大船隊和增加自有船舶數量的所有項目時，我們預計將創造 44,000 個新工作。這些將是非常積極的招募流程，將提高我們迅速回應需求和在全國範圍內分配燃料的能力。

And with that, we are going to be less financially exposed from a Petrobras perspective, to charters and freights. We have our Financial Director, our CFO, to our side, he's going to tell you that in a second, but what our finance department has said is that, reducing freight is in line with a better possibility to manage our company debt, freights, our debts and managing our debt is one of the priorities as our CFO will be happy to inform you later on.

這樣一來，從巴西石油公司的角度來看，我們在租船和貨運方面的財務風險就會降低。我們的財務總監，也就是財務長就在我們身邊，他馬上就會告訴你，但我們的財務部門說的是，減少運費符合更好地管理公司債務、運費、債務的可能性，管理債務是優先事項之一，我們的財務長稍後會很樂意通知你。

Again, we are related as well with Petrobras going back to the Dow Jones Index of sustainability, which is one of the most important indexes in the world, we are recognized as a company thanks to our efforts in the environmental, social and governance areas. We have stacked prices and awards in the area of governance; we have garnered achievement awards in the environmental and social sites as well.

再次，我們與巴西石油公司也有聯繫，可以追溯到道瓊斯永續發展指數，這是世界上最重要的指數之一，我們因在環境、社會和治理領域的努力而獲得認可。我們在治理領域獲得了無數的獎項和獎勵；我們也在環境和社會領域中獲得了成就獎。

Petrobras is one of the nine global energy businesses that are qualified between the over 50 companies that work in this sector and that have been assessed for the certification. We recognize the multiplying effect of Petrobras activity in Brazilian society. In 2024, our investment sustained 250,000 jobs and they accounted for 5% of the investment in Brazil.

巴西石油公司是全球能源產業 50 多家公司中，有九家獲得此認證資格的公司之一。我們認識到巴西石油公司的活動對巴西社會產生的倍增效應。預計到2024年，我們的投資將維持25萬個就業崗位，佔巴西投資總額的5%。

Our activities have generated 31% of all the primary energy consumed in Brazil. We paid for BRL260 billion in taxes and other government expenses, as I have mentioned before. And we paid BRL102.6 billion in dividends, as I mentioned before. We had BRL37.9 billion that were paid to the union and to the National Bank for Development.

我們的活動產生了巴西所消耗的所有一次能源的31%。正如我之前提到的，我們支付了2,600億雷亞爾的稅金和其他政府開支。正如我之前提到的，我們支付了 1,026 億巴西雷亞爾的股息。我們向工會和國家開發銀行支付了 379 億雷亞爾。

We also dedicated over BRL1 billion in social environmental investment. This is a voluntary and mandatory efforts. We also did sponsorships and donations with this amount. And we have numerous impactful programs, such as our income program, which will offer 11,000 positions in professional training for the energy sector, developing skills that are essential to our industry.

我們也投入了超過10億巴西雷亞爾用於社會環境投資。這是一項自願且強制性的努力。我們也用這筆錢做了贊助和捐贈。我們有許多有影響力的項目，例如我們的收入項目，該項目將為能源行業提供 11,000 個專業培訓職位，培養對我們行業至關重要的技能。

Ladies and gentlemen, I would like to make other parenthesis at this point because we are already observing the results of Petrobras activities. We do have a shortage of labor in Brazil, boiler operators, welders and other professionals. This is an issue.

女士們、先生們，我想在此時做另一個插入語，因為我們已經在觀察巴西石油公司活動的結果。巴西確實缺乏勞動力，鍋爐操作員、焊工和其他專業人員。這是一個問題。

And Petrobras has gotten involved in numerous programs along with the industry agency in Brazil to train numerous professionals and these trainings, they comprehend a great deal of our income and autonomy program. You have people that are registered. These are folks that are eligible for the income assistance.

巴西石油公司與巴西的行業機構合作參與了許多項目，培訓了眾多專業人員，這些培訓對我們的收入和自主計劃有很大幫助。您有已註冊的人員。這些人有資格獲得收入援助。

So in this sense, that is to say that what the company is doing is we are adding labor to the market. We are qualifying our labor in the country. And at the same time, we are alleviating Brazilian society from a heavy burden. So it's a win-win situation.

所以從這個意義上來說，也就是說公司正在做的就是向市場增加勞動力。我們正在該國對勞動力進行資格認證。同時我們也減輕了巴西社會的沉重負擔。所以這是一個雙贏的局面。

It's good for Petrobras because we have qualified labor to work in our operations, and we mitigate risks, therefore, and we are also meeting the demands of society at large in a timely fashion. We are working on our strategic plan, which is our guidance for 2025 and for the year 2025, all the way to 2029.

這對巴西石油公司來說是件好事，因為我們擁有合格的勞動力來開展業務，因此我們降低了風險，我們也能及時滿足整個社會的需求。我們正在製定策略計劃，這是我們對 2025 年以及 2025 年至 2029 年的指導。

It's also important to say this is a concrete plan. We move on looking for ethanol projects, bioethanol and low-carbon hydrogen in addition to other decarbonization initiatives. It's also important to say that all of these projects are based on the same governance criteria and the same profitability analysis criteria as any other project for the company. They must be profitable in every scenario from the brightest to the gloomiest just as any other project this company embraces.

值得一提的是，這是一個具體的計劃。除了其他脫碳措施外，我們還繼續尋找乙醇計畫、生物乙醇和低碳氫。同樣重要的是，所有這些項目都基於與公司其他專案相同的治理標準和獲利能力分析標準。它們必須在從最光明到最黑暗的每種情況下都實現盈利，就像該公司承接的任何其他項目一樣。

And in closing, I'd like to say we are absolutely determined to continue to derive value for society and our shareholders, whether they are on the private sector or the public sector. We'll continue to invest in profitable projects with capital discipline and innovation. Together, we'll continue to write a successful story for our company. And we would very much like to have all of you beside us.

最後，我想說，我們絕對有決心繼續為社會和股東創造價值，無論他們是私部門還是公共部門。我們將繼續投資具有資本紀律和創新的獲利項目。我們將共同努力，繼續為公司譜寫成功的故事。我們非常希望你們所有人都能加入我們。

I'd like to once again thank everyone for joining us and turn it over to our CFO, Fernando Melgarejo, who will dive a little bit deeper into our financials.

我想再次感謝大家的加入我們，並將其交給我們的財務長 Fernando Melgarejo，他將更深入地介紹我們的財務狀況。

Good afternoon, everyone. Thank you all for joining another Petrobras earnings webcast. We'll start by giving you the main highlights for the company's 2024 performance. After this presentation, myself and all our other directors will be available to answer any questions you might have during our Q&A.

大家下午好。感謝大家收聽巴西石油公司的另一場收益網路廣播。首先，我們將向您介紹該公司 2024 年業績的主要亮點。本次演講結束後，我和我們所有其他董事將在問答環節回答您可能提出的任何問題。

So let's begin with Slide 5. Talking about the main items in our financial results. The first point I'd like to highlight is our strong cash generation with an operational cash flow of $38 billion for the year. This is as large as the GDP of many large states in the country. Many of our states do not have a GDP as large as our operational cash flow.

那我們就從投影片 5 開始。談論我們財務表現的主要項目。我想強調的第一點是我們強勁的現金創造能力，今年的營運現金流達到 380 億美元。這相當於該國許多大國的GDP總量。我們許多州的 GDP 還沒有我們的營運現金流那麼大。

Our financial debt decreased to $23.2 billion, the lowest level since 2008. These indicators demonstrate Petrobras' financial health. I'd also like to highlight our investments, which came to $16.6 billion in 2024. All of this has been mentioned already by our President. And this accounted for a 31% increase over 2023, which we will discuss in further detail later on. Our adjusted EBITDA was $40.4 and billion net income was $7.5 billion for the year.

我們的金融債務減少至232億美元，為2008年以來的最低水準。這些指標顯示巴西石油公司的財務狀況良好。我還想強調一下我們的投資，到 2024 年我們的投資將達到 166 億美元。我們的總統已經提到了這一切。這比 2023 年增長了 31%，我們稍後將詳細討論。我們的調整後 EBITDA 為 404 億美元，全年淨收入為 75 億美元。

Now moving on to Slide 6. Despite our strong cash generation, our net income in 2024 was lower than in the previous year. Now why was that? First of all, it's important to understand that Petrobras' results were impacted by an accounting only item. That being the foreign exchange variation, impact in debt between Petrobras and its subsidiaries abroad.

現在轉到投影片 6。儘管我們的現金產生能力強勁，但 2024 年的淨收入低於前一年。那為什麼呢？首先，我們必須明白，巴西石油的表現僅受到會計項目的影響。這就是外匯變化對巴西石油公司及其海外子公司之間的債務所產生的影響。

This $10.9 billion impact, which you see on the chart, does not involve any cash outflow as our President has mentioned, and actually involves no actual disbursement. It's purely an accounting impact. The second most significant impact came from external factors, the depreciation of Brent crude and the diesel crack spread.

您在圖表上看到的這 109 億美元的影響並不涉及我們總統提到的任何現金流出，實際上也不涉及任何實際支出。這純粹是會計影響。第二大影響來自外部因素，即布蘭特原油貶值和柴油裂解價差。

These are external market conditions that affect all companies in the industry, both domestically and overseas. Lastly, the tech settlement agreement, which we recognized in Q2 was actually a highly positive measure for Petrobras.

這些是影響該行業所有公司（包括國內外）的外部市場條件。最後，我們在第二季承認的技術和解協議實際上對巴西石油公司來說是一個非常積極的舉措。

It was thanks to this agreement that Petrobras resolved billion dollar disputes that pose significant uncertainty for the company's cash flow. We also included the impact of oil production in the chart so you can see that the lower production volume had minimal effect.

正是由於這項協議，巴西石油公司解決了數十億美元的糾紛，這些糾紛為公司的現金流帶來了極大的不確定性。我們也在圖表中考慮了石油產量的影響，因此您可以看到較低的產量影響甚微。

The other items I mentioned were the key factors affecting Petrobras' accounting results, and mostly because of the foreign exchange situation. Now what we conclude from the chart is that excluding these specific impacts, Petrobras' net income would have been $19.4 billion.

我提到的其他項目是影響巴西石油公司會計績效的關鍵因素，其中大部分是由於外匯狀況。現在我們從圖表中得出的結論是，除去這些特定影響，巴西石油公司的淨收入將達到 194 億美元。

Now if we were to look at it from a quarter-over-quarter perspective, excluding the exchange effect, which was -- we would have had $5.5 billion and the minus $18.2 billion would have been $13 billion, a positive $13 billion.

現在，如果我們從季度環比的角度來看，排除匯率影響，我們將獲得 55 億美元，而負 182 億美元將是 130 億美元，即正 130 億美元。

Now on Slide 7, we will explain in more detail the items that have the greatest impact on our results, starting with the foreign exchange variation.

現在在第 7 張投影片上，我們將更詳細地解釋對我們的結果影響最大的項目，首先是外匯變化。

At the end of Q4, exchange rate was BRL6.19 per USD, 28% depreciation of the Brazilian real. This conversion is applied to debt between Petrobras and its foreign subsidiaries. These are intercompany transactions, which are very common among global corporations like Petrobras.

第四季末，巴西雷亞爾兌美元匯率為6.19，貶值28%。此轉換適用於巴西石油公司與其外國子公司之間的債務。這些是公司間交易，在巴西石油等跨國公司中非常常見。

In other words, these are funds circulating internally within the company. This exchange rate effect enters Petrobras Holdings net income and negatively impacted our profits in 2024. At the same time, it positively impacted our equity. These opposing effects ultimately balance each other out economically.

換句話說，這些都是在公司內部流通的資金。這種匯率效應影響了巴西石油控股公司的淨收入，並對我們 2024 年的利潤產生了負面影響。同時，它對我們的股權產生了積極影響。這些相反的影響最終在經濟上相互平衡。

According to current accounting standards, one of these variations is recorded in earnings and can be either positive or negative. In 2023, as you all remember, it was positive. Now it's been negative. In Q2, we also discussed this at length.

根據現行會計準則，這些變化之一記錄在收益中，可以是正數，也可以是負數。2023 年，正如大家所記得的，它是積極的。現在，結果已經變成負面。在第二季度，我們也對此進行了詳細討論。

And again, had the U.S. dollar had been around $5.75 right now ending the quarter at that level. To our Q1 2025 results, we would add about $2 billion incrementally to the expected results to the tune of BRL11 billion. This is just for everyone to understand that this is an absolutely accounting effect, which has no impact on the company's cash situation.

再說一次，如果美元匯率在本季末達到 5.75 美元左右的話。對於我們 2025 年第一季的業績，我們將在預期業績的基礎上逐步增加約 20 億美元，達到 110 億巴西雷亞爾。這只是為了讓大家明白，這是絕對的會計效應，對公司的現金狀況沒有影響。

Now on to Slide 8, let's discuss the external factors that affected us in 2024. Brent crude declined by 2%, as you can see in the chart, and diesel crack spread dropped by nearly 40%. The decline in diesel prices was influenced by global economic uncertainties and lower demand in the Northern Hemisphere. It is important to emphasize that, this scenario affected all companies in the sector, as I said earlier, and not only Petrobras. This is an issue that's specific to the oil and gas industry.

現在轉到投影片 8，讓我們討論一下 2024 年影響我們的外部因素。如圖所示，布蘭特原油價格下跌了 2%，柴油裂解價差下跌了近 40%。柴油價格下跌受到全球經濟不確定性和北半球需求下降的影響。需要強調的是，正如我之前所說，這種情況影響了該行業的所有公司，而不僅僅是巴西石油公司。這是石油和天然氣產業特有的問題。

On Slide 9, reinforcing what we mentioned before, the tech settlement agreement was a onetime event in Q2, which impacted the company's earnings positively and eliminated legal disputes to the tune of BRL45 billion. And if you remember at the time, when we reported this agreement, the company reported a 3% increase in its stock.

在幻燈片 9 中，我們再次強調了我們之前提到的內容，技術和解協議是第二季度的一次性事件，它對公司的盈利產生了積極影響，並消除了價值 450 億巴西雷亞爾的法律糾紛。如果你還記得的話，當時我們報道這項協議時，公司報告其股票上漲了 3%。

Now on to Slide 10, let's discuss our debt management, which to us has been highly successful and also well regarded by the market. At the end of 2024, our financial debt was the lowest since 2008. As you can see on the chart, our financial debt was $23.2 billion.

現在請看第 10 張投影片，讓我們討論一下我們的債務管理，對我們來說，我們的債務管理非常成功，也得到了市場的一致好評。到2024年底，我們的金融債務將達到2008年以來的最低水準。正如您在圖表上看到的，我們的財務債務為 232 億美元。

Most of it coming from our allocation, which is precisely connected to cash-generating assets. We still have a very positive allocation, and we continue to lengthen our debt maturity and shortening our spread. And as we talked about the market, and so I mentioned our Latin Finance Award which also came with the issue of bonds, all of which impacted 2024.

其中大部分來自我們的分配，與現金產生資產精確相關。我們的配置仍然非常積極，我們繼續延長債務期限並縮短利差。當我們談論市場時，我提到了我們的拉丁金融獎，它也伴隨著債券的發行，所有這些都影響了 2024 年。

Now on Slide 11, let's talk a little bit about CapEx, which is probably a point we must discuss at length. Some items already having been advanced by our President. It's important to say that this was $16.6 billion higher than our guidance, and it represented no additional cost for the company. This was a recovery in our physical investment gap, which were expected by 2025, and which were advanced to 2024.

現在在第 11 張投影片上，讓我們稍微談談資本支出，這可能是我們必須詳細討論的一點。我們的總統已經提出了一些事項。值得注意的是，這比我們的預期高出 166 億美元，而且不會為公司帶來額外成本。這是我們的實體投資缺口的恢復，預計在2025年實現，但提早到了2024年。

Now the gap was absolutely bridged for the year, which is to say we do not expect the Q4 2024 investment to be the same, as what we expect in 2025. Another important point here is -- these investments that we moved from 2025 to 2024 were in Buzios as our President has already said. And because of that, the best EP asset in the world, as the President also said, this is extremely positive because it also means more oil sooner and more oil means higher revenue.

現在，今年的差距已經完全彌補了，也就是說，我們預計 2024 年第四季的投資將與 2025 年的投資相同。這裡的另一個重點是——正如我們的總統所說，我們從 2025 年轉移到 2024 年的這些投資是在布基亞斯。正因為如此，世界上最好的 EP 資產，正如總統所說，這是非常積極的，因為它也意味著更快地獲得更多的石油，更多的石油意味著更高的收入。

If possible, we would actually make all our investments in Buzios earlier and start producing in all our FPSOs tomorrow. Now the company gains in lower risks and potential increase in these events. This line of incentives is decisive for our new production systems to go into operation.

如果可能的話，我們實際上會提前在布齊奧斯進行所有投資，並從明天開始在我們所有的 FPSO 中進行生產。現在，公司在這些事件中獲益於風險的降低和潛力的增加。這一系列激勵措施對於我們新生產系統的投入運作具有決定性作用。

And that's what we're focusing on. Executing our investment plan and a single portfolio, which will allow us to be profitable in our production. Another thing that may come up is whether the CapEx time line will be altered and the answer is an adamant no. It remains what we have in our strategic plan. That's what we'll be followed.

這正是我們所關注的。執行我們的投資計劃和單一投資組合，這將使我們在生產中獲得利潤。另一個可能出現的問題是資本支出時間表是否會改變，答案是堅決不會。它仍然是我們策略計劃中的內容。這就是我們要遵循的。

Our forecast for our CapEx in 2025 through 2029 remains because we have major projects, which involve uncertainties, which are mitigated by the process we adopted so far. And within our CapEx, we also included a 10% more or less -- a 10% variation either up or down.

我們對 2025 年至 2029 年資本支出的預測保持不變，因為我們有重大項目，其中涉及不確定性，而這些不確定性已透過我們迄今為止採用的流程得到緩解。在我們的資本支出中，我們也包括了 10% 的增減——10% 的變化。

On Slide 10, we are still committed to our disbursements and compensation for our stakeholders. As you remember, our result was mostly impacted by results that have no impact on our cash flow. So we paid using our reserves and capital compensation as well as profit reduction.

在第 10 張投影片上，我們仍然致力於為我們的利害關係人提供支出和補償。正如您所記得的，我們的業績主要受到對我們的現金流沒有影響的結果的影響。因此，我們利用儲備金和資本補償以及利潤減少來支付。

Our reserves are an accounting feature to pay dividends, but the payment of dividends is still based on the same decision-making process. Cash flow investment level, the company's capital structure and most importantly, its financial situation.

我們的儲備金是支付股利的會計特徵，但股利的支付仍基於相同的決策過程。現金流投資水準、公司的資本結構以及最重要的財務狀況。

Now on behalf of time for questions, I will not be presenting on the following slides, our President has already addressed every issue. But I'd like to wrap up by saying something. 2024 was a year where we had a $90 billion CapEx dividend to the tune of BRL102 billion, an extremely healthy level.

現在，代表提問時間，我不會介紹以下幻燈片，我們的總統已經解決了所有問題。但最後我想說幾句話。 2024 年，我們的資本支出股利達到 900 億美元，總額達到 1,020 億巴西雷亞爾，這是一個非常健康的水平。

We paid BRL270 billion in Texas and lowered our debt by about BRL11 billion. What this means is the company's fundamentals are absolutely sound and they make us confident in our results in 2025, which we expect to be significant and sustainable preserving the company's status as one that derives value to society and its shareholders.

我們在德州支付了2700億雷亞爾，並減少了約110億雷亞爾的債務。這意味著公司的基本面絕對穩健，這使我們對 2025 年的業績充滿信心，我們預計公司的業績將是顯著且可持續的，從而保持公司作為為社會和股東創造價值的公司的地位。

I will now turn it over to Eduardo, who will mediate our question-and-answer session.

現在我將把時間交給愛德華多，他將主持我們的問答環節。

Thank you, Fernando. Thank you, Ms. Bresnan. Now we're going to have our Q&A session.

謝謝你，費爾南多。謝謝你，布雷斯南女士。現在我們將進入問答環節。

Hello. Good afternoon, everyone, President, executives. Thank you so much for the opportunity of asking a few questions. Now I would like to focus my question on the investment side. Can you hear me?

你好。各位主席、各位高階主管，大家下午好。非常感謝您給我這個機會提問。現在我想集中問一下投資方面的問題。你聽得到我嗎？

Yes.

是的。

Right. So once again, I would like to focus on the investment because I think that's the main discussion. Dr. Marcus, do you have any emphasis on that higher adherence of the planned versus executed CapEx in '25 to '29. We understand the methodology changes such as the leasing aspect. And it is quite clear in your initial speech, that this anticipation, this advancement that you are doing now has a positive LTP.

正確的。因此，我再次想重點討論投資問題，因為我認為這是主要討論的內容。馬庫斯博士，您是否強調 25 年至 29 年間計畫資本支出與已執行資本支出的遵守程度較高。我們了解方法論的變化，例如租賃方面。在您最初的演講中，很明顯，您現在所做的這種預期和進步具有積極的 LTP。

Perhaps what is not clear to me, and maybe you can shed some light on it and some of the questions that I received are in that line is that we do not see an additional effort or some other variables for us to understand this positive NTV in the project. So would that be an anticipation on the production curve as well or a reduction of the future CapEx which is not clear in the numbers.

也許我不太清楚，也許您可以解釋一下，我收到的一些問題與此有關，那就是我們沒有看到額外的努力或其他變數來幫助我們理解專案中的正面 NTV。那麼這是否也是對生產曲線的預期，或是未來資本支出的減少，而這在數字上並不明確。

So my first question, if you can shed some light on which units will be advanced and for when we can see the first oil? And if you can give us some detail on what was the process of that decision.

所以我的第一個問題是，您能否解釋一下哪些單位將會進步以及我們什麼時候可以看到第一批石油？您能否向我們詳細介紹一下這項決定的製定過程？

Now let me answer one at a time, if I may. Right. So before you move on to your second question, Luiz, I would like to answer the first one, if I may, because that's a really important question. And I want to word it correctly.

如果可以的話，現在讓我逐一回答。正確的。因此，路易斯，在您提出第二個問題之前，如果可以的話，我想回答第一個問題，因為這是一個非常重要的問題。我想正確地表達它。

As you may remember, when we took on Petrobras, we did a reassessment of our '24, '28 strategic plan. And we realized that there was a non realization of the CapEx, so to say, for '24, '28, which had an impact on the CapEx and what we said was, well, instead of BRL18.5 billion, which was estimated for the year, we are going to spend 14.5 tops, and that became new guidance at that point.

您可能還記得，當我們接手巴西石油公司時，我們重新評估了我們的 24、28 年策略計畫。我們意識到，24 年和 28 年的資本支出未能實現，這對資本支出產生了影響，我們說，好吧，我們將花費最多 145 億巴西雷亞爾，而不是原先估計的 185 億巴西雷亞爾，這成為了當時的新指導。

Here's what happened from then on. What happened was these were investments that were focused mainly on Buzios, and that was the result of a lot of effort between the different departments. Our engineering, our finance department worked quite closely. And with that, we were able to advance these investments, we were able to go back to that level of 16.5%.

以下是從那時起發生的事情。這些投資主要集中在布茲奧斯，這是不同部門共同努力的成果。我們的工程部門和財務部門合作非常緊密。這樣，我們就能夠推進這些投資，我們能夠回到 16.5% 的水平。

So again, these were investments that were absolutely considered in the strategic plan for 2024 to 2028. As a matter of fact, they were on the table, and we're a little drastic in our expectation for the execution when we first got to the company because we were looking at 14.5%. But the fact is, Almirante Tamandare came to Brazil in 2024 and not in 2025.

所以，這些投資絕對是 2024 年至 2028 年策略計畫中所考慮的。事實上，這些都在討論之中，當我們第一次到達公司時，我們對執行情況的期望有點過高，因為我們考慮的是 14.5%。但事實是，塔曼達雷海軍上將於 2024 年來到巴西，而不是 2025 年。

At FPSO, Maria Quiteria, started production and concluded in the third quarter, actually late in the third quarter of 2024 as opposed to 2025. And thanks to that, Buzios is now reaching 800,000 barrels a day. We connected the very first well of Almirante Tamandare which is a gigantic one. It's a sequence of four wells that will be active in Buzios besides the other ones.

FPSO 的 Maria Quiteria 於第三季開始生產並結束，實際上是在 2024 年第三季末，而不是 2025 年。得益於此，布茲奧斯的石油日產量現已達到 80 萬桶。我們連接了 Almirante Tamandare 的第一口井，這是一口巨大的井。除此之外，布茲奧斯還有四口井將投入生產。

But the fact is that these wells are producing, they are producing at around 30,000 to 40,000, and the ramp-up is still taking place. And our aim is to reach its full potential, which is 70,000 barrels per day, which was estimated to happen later down the road, but we are anticipating that. This is already a reality, right?

但事實是，這些油井正在生產，每日產量約為 30,000 至 40,000 噸，產量仍在增加。我們的目標是充分發揮其潛力，即每天 70,000 桶，預計這將在稍後實現，但我們正在期待這一點。這已經是現實了吧？

One other matter, which is important, is FPSO Maria Quiteria which is installed in the Jubarte field -- in the south of the country, like I said, that platform was supposed to go operational in 2025, and it did go in operation in the fourth quarter of 2024.

另一件重要的事情是安裝在該國南部 Jubarte 油田的 FPSO Maria Quiteria，正如我所說，該平台原定於 2025 年投入運營，並且確實在 2024 年第四季度投入運營。

Once again, giving us some new oil. New oil in Buzios and new oil in Parque das Baleias as well. Furthermore, that combination of our physical CapEx with our budgeted CapEx. This is having an effect, which is invaluable for the company, which is to mitigate any type of misalignment that might have an impact on the conclusion and on the start of the operation of P-78, which is another giant platform for the Buzios field.

再次給我們一些新的石油。布吉亞斯 (Buzios) 的新石油和巴萊亞斯公園 (Parque das Baleias) 也有新石油。此外，這是我們實質資本支出與預算資本支出的結合。這對公司而言具有非常寶貴的效果，可以減輕任何可能對 P-78 的結束和開始運行產生影響的錯位，P-78 是布基亞斯油田的另一個巨型平台。

So what we have here is a platform that should come to Brazil in July that rig is going to start navigating at around July, it should be maybe three months until it gets here. And afterwards, that rig will be placed in position so it can start its commissioning efforts. And so yes, it's all of that.

因此，我們現在有一個平台，該平台應該在七月抵達巴西，鑽井平台將在七月左右開始航行，大約需要三個月才能到達這裡。隨後，該鑽孔機將被放置到位，並開始調試工作。是的，就是這樣。

All of that is involved and it's a part of this rearrangement, shall we say, of our CapEx. And once again, as opposed to extra CapEx, we had a CapEx that was a little below that 18.5% that we had estimated previously, but it was actually a positive surprise because while we thought that we would be able to invest 14.5%, we managed to get to 16.55% in investment.

所有這些都涉及其中，這是我們資本支出重新安排的一部分。再一次，與額外的資本支出相比，我們的資本支出略低於我們先前估計的 18.5%，但這實際上是一個積極的驚喜，因為雖然我們認為我們能夠投資 14.5%，但我們設法將投資金額達到了 16.55%。

And again, this is everything that an oil company can aspire to in our eyes because this means that we are advancing production in the most significant assets to do that in the assets that how can I put it -- in the asset that is of the highest value and the most productive.

再說一次，在我們看來，這就是石油公司所能追求的一切，因為這意味著我們正在推進最重要的資產的生產，怎麼說呢——價值最高、生產力最高的資產的生產。

So I would say that the Buzios field is really a dream field for any country and for any oil company. And we had a good fortune of having found that well and be able to develop it. And we are developing it in the most timely fashion possible. This is the effort that Petrobras is focused on right now. I hope I have answered your question. If you want to ask your second one maybe we can dive into this topic if you desire.

所以我想說，布茲奧斯油田對任何國家、任何石油公司來說都是一個夢想油田。我們很幸運地發現了這口井並能夠開發它。我們正在以最及時的方式開發它。這是巴西石油公司目前重點進行的工作。我希望我已經回答了你的問題。如果您想問第二個問題，如果您願意的話，也許我們可以深入探討這個主題。

Yes, absolutely. Can you hear me okay? Good. So it is absolutely clear. My second question is with regards to the new projects. Recently, we noticed a significant increase in the cost of these new units, units that used to cost $2 billion to $2.5 billion or now at $4 billion to $4.5 billion. Now that could be explained maybe by the inflation of the industry.

是的，絕對是。你聽見我說話嗎？好的。所以這是絕對清楚的。我的第二個問題是關於新專案的。最近，我們注意到這些新單位的成本大幅增加，以前的單位成本為 20 億美元至 25 億美元，現在是 40 億美元至 45 億美元。這也許可以用產業通貨膨脹來解釋。

Obviously, the ability of those new units, just like you said, goes to 200-some thousand barrels, which is very much superior to the other ones, but some of the suppliers are talking about higher complexity with gases to outlook. So if you can maybe give us some color in terms of the economic rationale of that change? And what does that mean?

顯然，正如您所說，這些新裝置的產能達到了 20 多萬桶，遠遠優於其他裝置，但一些供應商正在談論天然氣前景的更高複雜性。那麼，您能否從經濟角度為我們解釋一下這項變化的原因呢？那這意味著什麼？

I'll hand it over to Renata. She is the -- our Executive Rngineer, and this is under her umbrella. So I believe Dr. Renata is the best person to answer that.

我會把它交給雷娜塔。她是我們的執行工程師，這一切都在她的領導下。所以我相信雷娜塔博士是回答這個問題的最佳人選。

Good afternoon, Luiz. As you all said, we did see a very sharp increase in prices, not only in Brazil but around the world, especially after the Ukraine war. We saw a sharp increase in prices. One of the raw materials for our platforms is shot up and price and also complexity has also increased. In the case of these platforms, these rigs and Buzios that are being produced in Singapore, they do not have gas imports.

下午好，路易斯。正如大家所說，我們確實看到價格急劇上漲，不僅在巴西，而且在世界各地，尤其是在烏克蘭戰爭之後。我們看到價格急劇上漲。我們平台的原料之一價格猛漲，複雜性也增加了。就新加坡正在建造的這些平台、鑽井平台和 Buzios 而言，它們並不會進口天然氣。

So I don't know where the information came from that had become more complex to import it. But we are doing our homework internally regardless of those rumors of mitigating and streamlining our projects as best we can. Those rigs involve capacity of 225,000 barrels, the four last ones, both in Buzios, Itapu and Sepia. These are units which will bring high returns to Petrobras. So we're really trying to make those deadlines.

所以我不知道這些資訊從何而來，而且導入這些資訊變得更加複雜。但無論那些傳言如何，我們都在內部做好功課，盡力緩解和精簡我們的專案。這些鑽井平台的產能為 225,000 桶，後四座鑽井平台分別位於布基亞斯、伊塔普和塞皮亞。這些部門將為巴西石油公司帶來高回報。所以我們確實在努力實現這些最後期限。

I just wanted to add something to the previous question which is in 2024, we realized part or we accomplished part of what we expected to accomplish in 2025. Now why is that? We were able to shorten the financial risk. We saw that some of our subsidiaries were facing challenges because of the gap that we were seeing there.

我只是想補充一下上一個問題，即在 2024 年，我們實現了或完成了我們預計在 2025 年實現的部分目標。那為什麼呢？我們能夠縮短財務風險。我們發現，我們的一些子公司由於存在差距而面臨挑戰。

So what we did was to protect the deadline for delivery of these rigs so that we would have them within the time frame that we had established. But this was the result of great effort by our team to really allow us to realize and deliver the expected oil results that we had planned for.

因此，我們所做的就是確保這些鑽孔機的交付期限，以便我們能夠在既定的時間範圍內交付它們。但這是我們團隊付出巨大努力的結果，才真正讓我們實現並實現了我們計劃的預期石油結果。

Luiz, this is Fernando. I just wanted to add also. There is no new project in addition to those we reported in 2024 and for the period between 2025 and '29. There's been no increase in their value. The contracts are still the same. What happened was a shift in time of these projects, but there's no new project in the pipeline, as mentioned before, I mean, we heard there were rumors that there could be more projects, but the projects we're talking about are all in our strategic plan.

路易斯，這是費爾南多。我也只是想補充一下。除了我們在 2024 年和 2025 年至 2029 年期間報告的項目之外，沒有新的項目。它們的價值沒有增加。合約仍然相同。發生的事情是這些項目的時間發生了轉變，但沒有新的項目正在籌備中，正如之前提到的，我的意思是，我們聽到有傳言說可能會有更多的項目，但我們正在談論的項目都在我們的戰略計劃中。

Let's now move on to the questions by Jorge Gabrich from Scotiabank. We can't hear you. Can you hear us? Well, let's move on to Bruno Montanari from Morgan Stanley's question.

現在讓我們來討論豐業銀行的 Jorge Gabrich 提出的問題。我們聽不到你的聲音。你聽得到我們說話嗎？好吧，我們繼續討論摩根士丹利的 Bruno Montanari 的問題。

I just wanted to follow up on what's been said by -- to answering Luiz questions. When we run all the numbers, considering the anticipated CapEx in 2024, would it make sense to think that your production curve over the next four years could maybe move closer to its upper band and maybe the deadline, thinking about the near term in the lower bar when we think about maybe CapEx at 10%. That would be my follow-up. And if you'd like, you can first answer that, and I'll come back with my other question.

我只是想跟進一下回答路易斯問題時所說的話。當我們計算所有數字時，考慮到 2024 年的預期資本支出，是否有理由認為未來四年的生產曲線可能會更接近其上限，甚至可能是最後期限，考慮到短期內資本支出可能為 10% 時的下限。這就是我的後續行動。如果你願意的話，你可以先回答這個問題，然後我再回答另一個問題。

Yes, that's exactly right. We will continue to follow our production guidance and investment guidance. But as Renata mentioned, we understood we needed to protect that investment and protect the project from any delay caused by the challenges that other players had been talking about and pointing us to. So I believe that this movement has everything to do with that. This will ensure our deliveries and most importantly, in addition to everything else, ensure our delivery is at a lower risk.

是的，完全正確。我們將繼續遵循我們的生產指導和投資指導。但正如雷娜塔所提到的，我們明白我們需要保護這項投資，並保護專案免受其他參與者所談論和指出的挑戰所造成的任何延誤。所以我相信這場運動與此息息相關。這將確保我們的交付，最重要的是，除了其他一切之外，確保我們的交付風險較低。

Thank you, Madam President. Well, my other question, I'd like to focus on your production in 2025. Over the course of 2024, there seem to have been several impacts from maintenance. And now that we have the final results for 2024, can you pinpoint the impacts of those maintenance shutdowns?

謝謝您，主席女士。好吧，我的另一個問題是，我想關注您在 2025 年的產量。在 2024 年期間，維護似乎產生了一些影響。現在我們已經有了 2024 年的最終結果，您能指出這些維修停工的影響嗎？

And what do you expect for 2025 seeing that what we had in 2024 in those terms are not expected to place in 2025. And I'd also like to add maybe or ask maybe Renata to talk about this change reported by some outlets in your strategy. So what adjustments are you doing to try to engage your investors a little bit more and assure the integrity of your delivery in every unit moving forward?

那麼，考慮到我們在 2024 年取得的成績預計在 2025 年不會實現，您對 2025 年有何期待？我還想補充一下，或者請雷娜塔談談一些媒體報道的你們策略中的這種變化。那麼，您正在做哪些調整來嘗試更多地吸引投資者並確保未來每個部門交付的完整性？

Well, I'd like to start by telling you that the difference between our production in 2024 to all other years were not just for scheduled maintenance, but rather also because of our scheduled maintenance days. In the first half of the year, we had an impact that was caused, which was the stoppage at Ibama so the authority to continue -- the licenses to continue posting actually stopped.

好吧，首先我想告訴你們，我們 2024 年的產量與其他年份的差異不僅僅是因為定期維護，還因為我們的定期維護天數。今年上半年，我們受到了影響，因為 Ibama 停止了，所以繼續發布的權限實際上也停止了。

Just to give you an idea, because of the effect of that in the first quarter of 2024, we had an impact of about 208 barrels a day for a very long time, in fact. This strike at the agency, Ibama also had an impact from a standard operation, which also impacted our production.

僅供大家了解一下，由於 2024 年第一季的影響，我們在很長一段時間內實際上每天受到約 208 桶的影響。該機構 Ibama 的罷工也對標準營運產生了影響，從而影響了我們的生產。

So in addition to scheduled maintenance stoppages, which we need to do. Not only do we have to do them, but they also mitigate significant risks. They are part of our operation. But in -- not only did we have to deal with a larger number of them, we also had to deal with the lack of licenses and be sluggish in progress, both because of the Ibama strike and because of the national oil industry strike as well.

因此，除了我們需要做的預定的維護停工之外。我們不僅必須這樣做，而且這樣做還能降低重大風險。它們是我們行動的一部分。但是，我們不僅要處理大量的問題，還要處理許可證不足的問題，而且進展緩慢，這既是因為伊巴馬罷工，也是因為全國石油工業罷工。

I will also turn over to Sylvia and with AIP and later to Renata add to your -- to the answer to your question.

我還將把發言權交給 Sylvia 和 AIP，稍後再交給 Renata 來回答您的問題。

Good afternoon, adding to what President Magda said, we did have scheduled maintenance stoppages, which are common, which you saw a larger number of them. And also facing the effects of the post COVID period and the required technical reviews, which piled up during this period.

下午好，我想補充一下瑪格達總統所說的，我們確實有計劃的維護停工，這是很常見的，而且您也看到過很多這樣的情況。同時也要面對後疫情時代的影響以及在此期間不斷累積的必要的技術審查。

So in 2024, what we did was try to recover, which we actually accomplished was reduce the number of these mandatory reviews, which A&T, the auditing agency that we deal with orders is to do. We also saw three rigs with maintenance shutdowns of over 100 days. But most of them have been resolved. What I tell most people is when production stops, we can recover that, but the annual average remains the same.

因此，在 2024 年，我們所做的就是嘗試恢復，我們實際上完成的是減少這些強制性審查的數量，這是我們處理命令的審計機構 A&T 要做的。我們也看到三座鑽井平台的維護停工時間超過 100 天。但大多數問題已經解決。我告訴大多數人，當生產停止時，我們可以恢復，但年平均值保持不變。

Now regardless of these shutdowns, our risk analysis model actually incorporated that and we did a huge effort to make up for them. Also the Ibama issue as our President said, we were affected, especially in the Mero Field, which is a large field. Just to give you an idea, any 45,000 barrel well we had many of them stopped, but every one of them causes the average impact of 20,000 barrels a year.

現在，無論這些關閉如何，我們的風險分析模型實際上都考慮到了這一點，並且我們付出了巨大的努力來彌補它們。正如我們的總統所說，伊巴馬問題也對我們產生了影響，特別是在梅羅油田，這是一個很大的油田。舉個例子，我們關閉了任何一口 45,000 桶的油井，其中許多都停止了，但每一口油井每年平均造成 20,000 桶的影響。

And this is just due to the slower pace of licenses to operate these wells. So what we wanted to underscore is the constant need, as you well said, we are growing our platforms and rigs and we have to be very careful because as these grow to stop a 100,000 barrel a day is one thing, but a 200,000 barrel a day is another lease completely. So we are deploying our best efforts to make the next shutdowns as spares as possible.

這只是因為這些油井的營運許可證發放速度較慢。因此，我們想要強調的是持續的需求，正如您所說，我們正在擴大我們的平台和鑽井平台，我們必須非常小心，因為隨著這些平台和鑽井平台的擴大，停止每天 10 萬桶是一回事，但停止每天 20 萬桶則完全是另一回事。因此，我們正在盡最大努力，使下一次停機盡可能地省力。

But we will have an increase in production. We will continue to see maintenance shutdowns in every new platform that haven't yet had their mandatory stoppages in the Mero field, for example, we have all three rigs that still need maintenance. And the average is reached 2.8 which is the expected production through the end of the year regardless of every maintenance shutdown, which we do to increase efficiency and ensure that these rigs continue producing for a long time.

但我們的產量會增加。我們將繼續看到 Mero 油田中尚未強制停機的每個新平台進行維修停機，例如，我們所有三個鑽孔機仍需要維護。無論每次停機維護如何，平均產量都達到了 2.8，這是到年底的預期產量，我們這樣做是為了提高效率並確保這些鑽機能夠長期持續生產。

Yes. I just wanted to add saying that these shutdowns are actually incorporated by our production expectations. So when we talk about the strategic planning and point to an expected output level. Those figures already include our expectation for maintenance shutdowns along the way. Go ahead.

是的。我只是想補充一點，這些停工實際上已經納入了我們的生產預期。因此，當我們談論策略規劃並指出預期產出水準時。這些數字已經包含了我們對沿途維修停工的預期。前進。

We had several impacts in the Santos Basin. We also look at management to eliminate that pass, we also hired four maintenance maritime units for these platforms. We'll have two more, all of that to ensure that there's maintenance and we prevent interruptions. That's what we plan to do.

我們對桑托斯盆地產生了幾次影響。我們也研究如何消除這種現象，我們也為這些平台僱用了四個維護海上單位。我們將再增加兩個，所有這些都是為了確保維護並防止中斷。這就是我們計劃要做的。

Hi, Jorge. Well, there really was a huge challenge for us to increase the competitiveness of our IPCI. In the past, we actually had one or two bidders only for every call for tenders, but we talked to the market and understood the issues that were limiting the involvement of other players. We conducted a roadshow overseas to try to bring in new companies.

你好，豪爾赫。嗯，提高 IPCI 的競爭力對我們來說確實是一個巨大的挑戰。過去，我們每次招標實際上只有一兩個投標人，但我們與市場進行了交流，了解了限制其他參與者參與的問題。我們在海外進行了路演，試圖引進新的公司。

We held events here in Brazil with many of our suppliers. We explain our plan and listen to them. So we also adjusted a few of our contracts to allow more players to participate. And alongside all of that, actually, just a side note, in our last call, we had four bidders interested in the auction -- I mean, four companies brought their tender offers. So this was a wonderful result for us when we compare to previous processes.

我們與許多供應商在巴西舉辦了活動。我們解釋我們的計劃並聽取他們的意見。因此我們也調整了一些合同，以允許更多玩家參與。除此之外，實際上，順便提一下，在我們上次的電話會議中，有四個競標者對拍賣感興趣——我的意思是，有四家公司提出了投標報價。因此，與以前的流程相比，這對我們來說是一個很好的結果。

In addition to that, and we always try to have a backup plan, we are looking into hiring a what we call PLV so that Petrobras itself will operate so we would purchase our fixed pipelines. We would have our own boat and we would have our own launch regardless of any EPCI contracts. So these are things we are looking into. We have sound -- have the markets readout to understand. So it's not just one step that we're taking. We're taking several steps to really increase our competitiveness and lower the size of our contracts.

除此之外，我們始終嘗試制定備用計劃，我們正在考慮租用所謂的 PLV，以便巴西石油公司本身可以運營，這樣我們就可以購買固定管道。無論是否有任何 EPCI 合同，我們都將擁有自己的船和自己的汽艇。這些是我們正在研究的事情。我們有聲音——有市場讀數來理解。所以我們採取的不只是一步。我們正在採取多項措施來切實提高我們的競爭力並降低合約規模。

Thank you, Renata, Sylvia, and Magda. We will now hear the questions from Gabriel Barra with Citi. Gabriel?

謝謝你，雷娜塔、西爾維亞和瑪格達。我們現在來聽取花旗銀行的加布里埃爾·巴拉的提問。加布里埃爾？

A couple of questions here. I'll ask the first one and then we can get to the second one. But the first one is that we've been discussing about the margins of Petrobras. Just like you mentioned before, you mentioned how important it is to maintain the company production. And of course, it's really important to focus on the equatorial margin in that regard. We've seen a lot of discussion with regards to the environmental agency, Ibama, in the region.

這裡有幾個問題。我會問第一個問題，然後我們再問第二個問題。但首先我們一直在討論巴西石油公司的利潤率。正如您之前提到的，維持公司生產是多麼重要。當然，在這方面關注赤道邊緣確實非常重要。我們看到該地區關於環境機構 Ibama 的討論很多。

So what I would like to hear from you first is with regards to the equatorial margin. What are the discussions like? And what about the licenses this year?

因此，我首先想聽聽您關於赤道邊緣的問題。討論情況如何？那麼今年的許可證情況如何？

As the licenses come out, what would be the impact of the CapEx and in the long run, what are some of the main challenges considering that conceptually, what we know about oil and gas in Brazil, a great deal is concentrated in the Southeast -- the entire oil and gas industry. So what would be the major challenge in that region moving forward to develop the equatorial margin? That's the first question.

隨著許可證的發放，資本支出會產生什麼影響？從長遠來看，考慮到概念上我們對巴西石油和天然氣的了解，主要挑戰是什麼？大部分集中在東南部—整個石油和天然氣產業。那麼該地區開發赤道邊緣所面臨的主要挑戰是什麼？這是第一個問題。

Thank you for your question. I will respond, and I will hand it over to Clarice and Sylvia so that they can chime in about the equatorial margin as well. In terms of the equatorial margin, what we have is an exploration expectation to drill a pioneer well, so that we can confirm the potential in that area. Of course, one well is never enough.

感謝您的提問。我會做出回應，並將其交給克拉麗斯和西爾維亞，以便她們也能就赤道邊緣問題發表意見。就赤道邊緣而言，我們的勘探期望是鑽一口先鋒井，以便確認該地區的潛力。當然，一口井是遠遠不夠的。

So we do have a few wells that we are looking in the state of Amapa, in deepwaters. We also have something in our strategic planning in the order of a little more than 30 wells to be drilled in the fifth year to explore the equatorial margin that goes from the state of Amapa, all the way to the Brazilian state of Rio Grande do Norte.

因此，我們確實在阿馬帕州的深水區尋找幾口井。我們的策略規劃中還包括在第五年鑽探 30 多口井，以勘探從阿馬帕州一直到巴西北里奧格蘭德州的赤道邊緣。

So what we have at hand is the request to a license to drill the first well in the coast of the state of Amapa over 500 kilometers of the Marago Island, which is close to the -- where the Amazon outflows in the ocean. The environmental agency has had many comments about this license.

因此，我們目前面臨的是申請許可證，以便在阿馬帕州海岸鑽探第一口井，距離馬拉戈島 500 多公里，靠近亞馬遜河流入海洋的地方。環保署對這項許可證提出了許多意見。

The environmental agency considers that ridge to be extremely sensitive, and we do understand that we are absolutely ready in a position to deal with that sensitive aspect. Our Director, Clarice, is going to explain you more. But what we have in terms of precautions for the drilling activities in ultra-deepwaters is, we believe we can say that there is no precedence in the world for that.

環保署認為山脊極為敏感，我們也知道我們已經做好了充分的準備來應對這個敏感問題。我們的主管克拉麗斯 (Clarice) 將為您做進一步的解釋。但我們對於超深水鑽井活動的預防措施，我們相信可以說世界上沒有先例。

We have numerous equipment. We have different methods, and we have putting edge techniques that Clarice will explain to you a little more. But again, what we have is a strong commitment with the environmental agency to deliver yet another fauna rehabilitation center should there be any adverse event. That center, our Director, Clarice came from it.

我們擁有眾多設備。我們有不同的方法，我們有尖端技術，克拉麗斯將向您進一步解釋。但同樣，我們與環境機構做出了堅定的承諾，一旦發生任何不利事件，我們將提供另一個動物康復中心。我們的主任克拉麗斯 (Clarice) 就來自那個中心。

I think she was there yesterday or the day before, she was overseeing the activities, she went there to supervise the works that are being done. She did not introduce herself as the director or the person in charge for that area because she really wanted to get a feel for what was happening in the field. Our commitment to Ibama is to deliver that by late March.

我想她昨天或前天就在那裡，她在監督活動，她去那裡監督正在進行的工作。她沒有介紹自己是該地區的主任或負責人，因為她確實想了解該領域正在發生的事情。我們對 Ibama 的承諾是在三月底之前實現這一目標。

The construction is on the deadline, and we believe this will be the last demand from the environmental agency because all the other ones were met, and we met those demands in a timely fashion. Once again, as far as the equatorial margin, we have a new frontier, and we have a strong necessity to replenish our reserves, and you know that we are taking up our production until roughly 2030 or 2032.

施工已在最後期限前完成，我們相信這將是環保署的最後一個要求，因為所有其他要求都已滿足，而且我們也及時滿足了這些要求。再次，就赤道邊緣而言，我們有了一個新的邊界，我們迫切需要補充我們的儲備，而且你知道我們的生產將持續到大約 2030 年或 2032 年。

And from then on, as a company that produces nonrenewable energy we have to replenish reserves and that reserve replenishment goes through the exploration of new frontiers, mainly the equatorial margin being one of them there are many other basins out there.

從那時起，作為一家生產不可再生能源的公司，我們必須補充儲備，而儲備補充需要透過探索新的邊界來實現，其中主要是赤道邊緣，還有許多其他盆地。

And personally, I do believe strongly on the potential of the Pos Amazonas Basin. What happens is that people believe that we are going to have a negative impact on Pos Amazonas, but we are talking about a distance of over 500 kilometers from Fos do Amazonas, which is roughly twice the distance from the pre-salt to the Copacabana Beach in Rio de Janeiro.

就我個人而言，我確實堅信亞馬遜盆地的潛力。實際情況是，人們認為我們將對亞馬遜盆地產生負面影響，但我們談論的是距離亞馬遜盆地 500 多公里的地方，這大約是從鹽下層到裡約熱內盧科帕卡巴納海灘距離的兩倍。

So that is to say that we are absolutely confident. We are doing some monitoring. We are keeping a close watch for potential spills. We have centers for rehabilitation of fauna and flora. We have all sorts of equipment.

所以也就是說我們絕對有信心。我們正在做一些監控。我們正在密切關注潛在的洩漏。我們有動植物復健中心。我們有各種各樣的設備。

As a matter of fact, we have one of those cappings that were used in the Gulf of Mexico in that BP incident, one of those pieces of equipment is here in Brazil and it's in Petrobras's possession, and I believe that we have -- there are maybe four or five pieces of equipment like that around the world. One of them is here.

事實上，我們有一個在墨西哥灣 BP 事故中使用的封蓋裝置，其中一件設備就在巴西，由巴西石油公司保管，我相信我們在世界各地可能有四到五件這樣的設備。其中之一就在這裡。

So that's what we are offering to Ibama. In our eyes, this is settled. There is nothing else to demand. I've been in this industry for 45 years and never have I ever seen an effort of this magnitude to be able to mitigate any sort of impact. So we are going to advance and move forward in the region of Pelotas Rio Grande do Sul.

這就是我們向 Ibama 提供的幫助。在我們看來，這已經是板上釘釘的事了。沒什麼其他要求了。我在這個行業工作了 45 年，從未見過為了減輕任何影響而做出如此巨大的努力。因此，我們將在南里奧格蘭德州佩洛塔斯地區繼續前進。

The Pelotas Basin has a geological aspect that is very specific, which Clarice will explain. It's similar to the Namibia Basin. Namibia is considered to be the new Guyana in terms of the possibilities. There is a lot of potential in Namibia, especially in its deep waters in the sense that all of that is definitely on our radar as far as our strategic planning.

佩洛塔斯盆地具有非常特殊的地質特徵，克拉麗絲將會對此進行解釋。它與納米比亞盆地相似。從可能性來看，納米比亞被認為是新的圭亞那。納米比亞具有很大的潛力，尤其是深水區，從某種意義上說，所有這些都在我們的策略規劃的關注範圍內。

If you ask me how much this will cost all of that amount and all of that, shall we say, all of that exploratory activity is completely considered here. It's completely within the guidelines of our 2025/2029 strategic planning. So Director of Clarice is now going to explain and shed some light about what we are doing in the field as far as the environmental license for the equitorial margin and more specifically, that spot in the coast of Amapa.

如果你問我這一切要花多少錢，我們可以說，所有這些探索活動都在這裡完全考慮過了。這完全符合我們 2025/2029 策略規劃的指導方針。因此，克拉麗斯主任現在將解釋並闡明我們在赤道邊緣環境許可方面所做的工作，更具體地說，是在阿馬帕海岸的那個地點。

Absolutely, Mrs. President. Just like Madam President said, we have structured a emergency response plan in the state of Amapa, which is unprecedented around the world and in the industry. What comprises this emergency plan is the following.

當然，總統女士。正如總統女士所說，我們在阿馬帕州制定了緊急應變計劃，這在世界範圍內和業內都是前所未有的。此應急計劃的組成如下。

First, we are building this center for fauna on rehabilitation that Madam President said. This is actually a center that has a surgery room as a matter of fact, besides all the other necessary structure that is part of the Ibama manuals. Along with this rehabilitation center, we are also structuring and developing our center for environmental defense besides having the equipment, this center also has some barriers to make sure that we can work on the sand, on the main roads as well as offshore.

首先，正如主席女士所說，我們正在建造這個動物康復中心。事實上，這是一個擁有手術室的中心，此外還擁有 Ibama 手冊規定的所有其他必要結構。除了這個康復中心之外，我們還在建造和發展我們的環境保護中心，除了擁有設備之外，該中心還設置了一些屏障，以確保我們可以在沙灘、主要道路以及近海進行工作。

And also, we have a whole string of necessary equipment. So here's what we put together for that region. We have some aircraft. We actually have three helicopters in that region. We're going to have two additional vessels that are going to be on standby to work offshore.

而且我們還擁有一整套必要的設備。以下是我們針對該地區整理的資訊。我們有一些飛機。我們在該地區實際上有三架直升機。我們將有另外兩艘船處於待命狀態，準備在海上作業。

As a matter of fact, they will work closely to the area where we'll do the first study, the first exploratory campaign and four additional vessels that will be on standby to cater to any environmental and fauna demand close to the coast. So this is an extremely robust structure. All the reform, all the preparation of the Apati airport. All of that was done by Petrobras itself.

事實上，他們將與我們進行首次研究、首次探索活動的地區密切合作，另外四艘船將隨時待命，以滿足靠近海岸的任何環境和動物需求。所以這是一個極其堅固的結構。阿帕蒂機場的所有改革、所有準備工作。所有這些都是由巴西石油公司自己完成的。

As a matter of fact, it is possible that, that municipality received something that not a lot of municipalities have, which is night planes, planes that operate during the night. So this is also part of our emergency response plan. Here's something else that is important to mention. We have this company that is working with us, which is a company of the utmost quality in Brazil.

事實上，該市可能獲得了許多市鎮所沒有的東西，那就是夜間飛機，也就是夜間運作的飛機。這也是我們應急計劃的一部分。這裡還有一些重要的事情要提及。與我們合作的這家公司是巴西最優質的公司。

We are contracting over 100 professionals between technicians, biologists and vets. So everything, every resource that Petrobras can throw at this project, should there be an incident or an accident, I mean, there has never been a readiness like this one. We are investing to the tune of BRL150 million, and that goes into all of those resources that I mentioned. And now what is going to happen is this.

我們聘用了 100 多名技術人員、生物學家和獸醫等專業人員。因此，巴西石油公司為這個計畫投入了一切資源，以應對可能發生的事件或事故，我的意思是，我們從來沒有像這樣做好準備。我們投資了 1.5 億巴西雷亞爾，這筆錢將用於我提到的所有資源。現在將要發生的事是這樣的。

We are constantly in communication. We have technical meetings with the environmental agency. We are waiting for an opinion on the project that we just presented. The final stage of the project, which is that basin in the state of Amapa, and that is going to be combined with our Belland base. All of that is going to be serviced in that region right there.

我們一直保持溝通。我們與環境機構舉行了技術會議。我們正在等待對我們剛剛提出的項目的意見。這個計畫的最後階段是阿馬帕州的盆地，它將與我們的貝蘭德基地合併。所有這些都將在該地區得到服務。

So as we get the green light for this project, we will be able to move on to the next stage, which will be to do all the preoperational assessment this is a necessary condition, and this is a part of all the manuals. It's part of all the procedures of the environmental agency in Brazil. And from then on, Petrobras would be, of course, in a position to start its exploratory campaign.

因此，當我們獲得該專案的批准後，我們將能夠進入下一階段，即進行所有的操作前評估，這是必要條件，也是所有手冊的一部分。這是巴西環境機構所有程序的一部分。從那時起，巴西石油公司當然就可以開始其勘探活動了。

And I would like to point something out, which is a very important issue as well. The probe, the NS42, which is put together by our engineering department to do the drilling. Well, that's one of the most cutting-edge, state-of-the-art probes that we have today for that specific area for that type of operation.

我想指出一點，這也是一個非常重要的問題。探頭為 NS42，由我們的工程部門組裝，用於鑽孔。嗯，這是我們今天針對該特定區域進行此類操作所擁有的最先進、最先進的探測器之一。

And we have a possibility also to receive from Ibama an authorization to do the cleaning of that probe, of that rig here in the Southeast to make sure that, that rig can navigate all the way to the state of Amapa so that we can conduct our studies that have been on the table for a long time.

我們也有可能獲得伊巴馬能源管理局的授權，對位於東南部的該鑽井平台和探測器進行清理，以確保該鑽井平台能夠一路航行至阿馬帕州，以便我們能夠進行我們長期以來一直在進行的研究。

Right, Gabriel, if I may, about the importance of the equatorial margin for us. We started our discoveries here in Brazil in the Campos Basin and the Santos spacing. We started with the carbonates and what we are expecting in this major frontier, which is the equatorial margin, is some similar systems in what we have in the basin of Santos, which is a system that we see also in Guyana, in Suriname and also in Ghana. As a matter of fact, we acquired these blocks in 2013 first when there was the discovery in Ghana.

好的，加布里埃爾，如果可以的話，我想談談赤道邊緣對我們的重要性。我們在巴西的坎波斯盆地和桑托斯地區開始了我們的發現。我們從碳酸鹽岩開始，我們預計在這個主要邊界，也就是赤道邊緣，會發現一些與桑托斯盆地類似的系統，我們在圭亞那、蘇利南和加納也看到了類似的系統。事實上，我們在 2013 年加納發現油氣時就首次獲得了這些區塊。

The geology is similar. So we put it all together. And so there are a lot of similarities there are some similar generators that we see in Venezuela and other areas of similar nature. So why should we tackle this area? Well, because there is a significant oil potential there. There is a potential, which is only discovered after you drill the well.

地質情況相似。所以我們把它們放在一起。因此有很多相似之處，我們在委內瑞拉和其他類似地區也看到了一些類似的發電機。那我們為什麼要解決這個問題呢？因為那裡有巨大的石油潛力。存在著潛力，但只有鑽井後才能發現。

So the oil system is pointing to that direction. And so the first step is a well that we are drilling. But we have six blocks, and we are estimating a number of eight wells like President said, you cannot just do one well and call it a day. If we find oil in the first well, great. If it's not in the first one, it's going to be in the second or the third one because we're going to do a proper exploratory evaluation and we're going to really undertake these efforts that we've been waiting to do for a long time.

所以石油系統指向那個方向。因此，第一步就是鑽井。但是我們有六個區塊，我們估計有八口井，就像總統說的，你不能只打一口井就完事了。如果我們在第一口井就發現石油，那就太好了。如果第一次沒有實現，那麼第二次或第三次也會實現，因為我們將進行適當的探索性評估，並且我們將真正開展我們期待已久的這些努力。

And I just want to make very clear that we are very confident. We have all the guarantees as far as the technical department, all the equipment, all the safeguards we have supporting vessels, and it's really important that geologically, we are assured that the ocean currents in that region, they run parallel to the coast.

我只是想明確表示，我們非常有信心。我們擁有技術部門、所有設備、所有保障措施以及支援船隻的所有保障，而且從地質學角度來看，我們確信該地區的洋流與海岸平行，這一點非常重要。

So this is actually the greatest guarantee that should there be any issues, should there be any oil spill, that oil is not going to go to the coast. It's not going to reach our mangrove. It's not going to reach our shallow waters. One other aspect. This is not the first time we are drilling this well. That margin of Amapa has had more than 100 wells drilled in the shallow waters that deepwater format, we already drilled over 3,000 wells in that format.

因此，這實際上是最大的保證，如果出現任何問題，如果發生任何漏油事件，石油不會流到海岸。它不會到達我們的紅樹林。它不會到達我們的淺水區。另一個面向。這不是我們第一次鑽這樣的井。阿馬帕邊緣的淺水區已鑽探了 100 多口深水井，我們已經以這種形式鑽探了 3,000 多口井。

Right now, we are drilling 10 or 11 wells throughout that margin on the eastern side, no issues at all. So the drilling of that well will just be business as usual. There will be no issues at all. And I can tell you folks that there is no conflict with the environmental aspect as far as the emissions and the climate because our emissions in Brazil are quite low.

目前，我們正在東側邊緣鑽 10 或 11 口井，沒有任何問題。因此，鑽探該井將一切如常。根本不會有任何問題。我可以告訴大家，就排放和氣候而言，與環境方面沒有衝突，因為我們巴西的排放量相當低。

I mean fossil fuels accounts for only 1%. So we can naturally do that. Our emissions are quite low. So there is no conflict between taking care of the environment and drilling oil wells. This is a company that invests heavily on the environment. We protect the whales, the dolphins. We protect our manatees. So that puts us in a nice position. That gives us a guarantee that, that oil, that well drilling will not impact the environment, and it will ensure energy security to our country and a great quality of life for the people of that region.

我的意思是化石燃料僅佔1%。所以我們自然可以做到這一點。我們的排放量相當低。因此，保護環境和鑽油井之間並不衝突。這是一家對環境投入大量資金的公司。我們保護鯨魚和海豚。我們保護海牛。這讓我們處於一個有利的位置。這向我們保證，石油和油井鑽探不會影響環境，並確保我國的能源安全和該地區人民的高品質生活。

You had another question, Gabriel?

你還有其他問題嗎，加布里埃爾？

Yes, if I could quickly ask a second question. I just wanted to go back to the CapEx issue. Renata touched on something that really stood out to me, which was you could maybe capitalize more and see less chartering even to make the most of your ships and your drill.

是的，如果我可以快速問第二個問題的話。我只是想回到資本支出問題。雷娜塔談到了一件讓我印象深刻的事情，那就是你也許可以利用更多的資本，減少租賃，甚至可以充分利用你的船舶和鑽井。

So I just wanted to follow up on that to understand if I saw this correctly. So moving forward, could we expect the company to capitalize a little bit more on its SRVs and drills and so on and so forth and invest less in chartering? Is that what we should expect moving forward when it comes to the company's investment.

所以我只是想跟進一下，看看我是否看得正確。那麼展望未來，我們是否可以預期該公司將更多地利用其 SRV 和鑽井機等，並減少在租賃方面的投資？當談到公司的投資時，這就是我們應該期待的嗎？

Did I understand it correctly? No, I don't think you understood it correctly. We thought of chartering a ULV not in purchasing one. Our drills are all chartered at this point, and we do not plan to change that model. One change we made recently, which was actually included in the company's plan was our FPSOs.

我理解得對嗎？不，我認為你沒有正確理解。我們考慮租用一輛超低壓氣罐，而不是購買一輛。目前，我們的演習都是經過授權的，我們不打算改變這種模式。我們最近做出的一項改變實際上也包含在公司的計劃中，那就是我們的 FPSO。

The company adopts a standard within the company, which is we assess the market liquidity in the market, our debt situation and competitive situation in the market before we establish what will be the model we'll adopt to higher in FPSO. So it might be a leasing. It might be what we have just done so far, which is a built operation and transfer. So for FPSO, we have these options. And now for support vessels, launch vessels and drills. Our model is still chartering.

公司內部採用一個標準，在確定我們將採用什麼模型來提高FPSO的效率之前，我們會評估市場上的流動性、我們的債務狀況和市場競爭狀況。所以這可能是租賃。這可能就是我們迄今為止所做的，即建置操作和轉移。對於 FPSO，我們有這些選擇。現在介紹支援船、下水船和演習。我們的模式還是租船模式。

Unfortunately, because of the issues we faced earlier, we will now have our last question. So Monique from BBA, can you hear us?

不幸的是，由於我們之前遇到的問題，我們現在面臨最後一個問題。那麼 BBA 的 Monique，你聽得到我們說話嗎？

Hi, Eduardo. Yes, I can hear you. Can you hear me?

你好，愛德華多。是的，我聽得到你的聲音。你聽得到我嗎？

Yes, we hear you.

是的，我們聽到了。

Perfect. I'd like to insist a little bit on the CapEx issue, which might be the most important issue of the day. It's still not total to me the connection between anticipating these additional $2 billion and advancing your production in the Buzios area.

完美的。我想強調一下資本支出問題，這可能是當今最重要的問題。我仍然無法完全確定預期這額外的 20 億美元與提高布基亞斯地區的產量之間的關聯。

My question is this additional $2 billion in Q4, is this connected with the anticipation in Almirante Tamandare, which is already concluded? Or is that connected to a potential anticipation with the project in Buzios 8 to 11? And that's the case what's the magnitude of that anticipation? Could we think about new dates for the projects Buzios 8 through 11 and could maybe be the case that, that led to the situation that Magda mentioned earlier in the call?

我的問題是，第四季新增的 20 億美元是否與已經完成的 Almirante Tamandare 計畫的預期有關？或者這與布茲奧斯 8 至 11 項目的潛在預期有關？那麼，這種預期有多大呢？我們能否考慮 Buzios 8 至 11 項目的新日期，這是否會導致 Magda 在電話中早些時候提到的情況？

Hi, Monique. Well, as I explained, when we took over the Board alongside President Magda and Director, Sylvia, we saw that all projects -- virtually all projects were delayed. And what we did was really a herculean effort to recover, especially P78 and P79, which are the first projects that will be delivered in the Buzios area. So that's one.

你好，莫妮克。嗯，正如我所解釋的，當我們與總裁瑪格達和董事西爾維亞一起接管董事會時，我們發現所有項目——幾乎所有項目都被推遲了。我們所做的恢復工作確實非常艱鉅，特別是 P78 和 P79，它們是布基亞斯地區首批交付的項目。這就是其中之一。

Now number two is President Magda says is every drop counts. And for me, the saying is everyday count. So we've been working with different strategies to maybe get production one day earlier. So whether it is thinking of a man mission to our FPSO to maybe going in person to the field as opposed to bringing it to Guanabara, the Guanabara Bay and people may say, oh, I saw no vessels in the Guanabara Bay for so long.

現在，第二點是總統瑪格達說每一滴水都很重要。對我來說，這句話很重要。因此，我們一直在採用不同的策略，希望能夠提前一天實現生產。因此，無論是考慮派人前往我們的 FPSO 執行任務，還是親自前往現場，而不是將其帶到瓜納巴拉，瓜納巴拉灣，人們可能會說，哦，我在瓜納巴拉灣很久沒有看到船隻了。

And you really won't see because we really want to make more time, make the best use of our time, and that's what we're doing.

而你真的不會看到，因為我們真的想騰出更多的時間，充分利用我們的時間，而這就是我們正在做的事情。

I just wanted to make sure if I understood, Renata. So in fact, what you're calling anticipation is actually maintenance of the deadlines or the time frame that was in your original plan, yes, it really is to anticipate. It's not just prevent delays but also trying to anticipate the start of production.

我只是想確認一下我是否理解了，雷娜塔。所以實際上，你所說的預期實際上是維持你原計劃中的最後期限或時間框架，是的，這確實是預期。這不僅是為了防止延誤，而且還試圖預測生產的開始。

Yes, I just wanted to remind you, Monique, that a lot of this effort -- and Almirante Tamandare came to Brazil late last year when it was expected to come in this year. So we anticipated the start of operations in Almirante Tamandare but also, we also advanced because of those efforts, the operations in Maria Quiteria, which was also expected to start operating in early 2025, but actually started operations early in Q4 2024.

是的，我只是想提醒你，莫妮克，很多這方面的努力——以及阿爾米蘭特·塔曼達雷 (Almirante Tamandare) 去年年底來到巴西，預計今年就會到來。因此，我們預計 Almirante Tamandare 的運營將開始，而且由於這些努力，我們也推進了 Maria Quiteria 的運營，該運營也預計於 2025 年初開始運營，但實際上是在 2024 年第四季度初開始運營。

In addition to our efforts to mitigate delays at P-68 and P-69 as mentioned by Renata. So there's actually both things. There's the mitigation of delays and there's also anticipation as well.

除了我們努力緩解 Renata 提到的 P-68 和 P-69 的延誤之外。所以實際上兩種情況都有。可以減輕延誤，也可以預見延誤。

With that, we conclude our question-and-answer session. If you have any additional question or through relay shipment, we'll be more than happy to assist you. I'd like to thank everyone for joining us for this event. And I'd like to say that the presentation for this event is already available at our website, and the audio for this webcast should be made available for replay.

我們的問答環節就此結束。如果您有任何其他問題或透過中繼運輸，我們將非常樂意為您提供協助。我要感謝大家參加這次活動。我想說的是，該活動的演示文稿已在我們的網站上提供，並且該網絡廣播的音訊可供重播。

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.

本記錄中的英文陳述是由現場翻譯人員宣讀的。翻譯由贊助此活動的公司提供。