UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of January 2017

Commission File Number 001-15106

 

 

PETRÓLEO BRASILEIRO S.A. - PETROBRAS

(Exact name of registrant as specified in its charter)

Brazilian Petroleum Corporation - PETROBRAS

(Translation of Registrant’s name into English)

 

 

Avenida República do Chile, 65

20031-912 - Rio de Janeiro, RJ

Federative Republic of Brazil

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒            Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes  ☐ No  ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

 

 

 

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Standardized measure of discounted future net cash flows relating to proved oil and gas quantities and changes therein

 

		Consolidated entities																												Equity Method Investees
						Abroad
		Brazil				South America				North America				Africa				Others				Total				Total
Balance at January 1, 2015			173,707				1,082				3,306				—				—				4,388				178,095				1,292
Transfers by loss of control			—				—				—				—				—				—				—				—
Sales and transfers of oil and gas, net of production cost			(17,330	)			(560	)			(403	)			—				—				(963	)			(18,293	)			(248	)
Development cost incurred			15,536				451				397				—				—				848				16,384				431
Net change due to purchases and sales of minerals in place			(34	)			(58	)			—				—				—				(58	)			(92	)			—
Net change due to extensions, discoveries and improved recovery less related costs			6,522				324				—				—				—				324				6,846				487
Revisions of previous quantity estimates			(29,592	)			2				(655	)			—				—				(653	)			(30,245	)			134
Net change in prices, transfer prices and in production costs			(185,071	)			150				(2,809	)			—				—				(2,659	)			(187,730	)			(1,737	)
Changes in estimated future development costs			(6,948	)			(370	)			538				—				—				168				(6,780	)			(121	)
Accretion of discount			17,371				157				314				—				—				471				17,842				130
Net change in income taxes			68,608				67				93				—				—				160				68,768				337
Other - unspecified							(40	)			92				—				—				52				52				(193	)
Balance at December 31, 2015			42,769				1,205				873				—				—				2,078				44,847				512

 

		Consolidated entities																												Equity Method Investees
						Abroad
		Brazil				South America				North America				Africa				Others				Total				Total
Balance at January 1, 2014			188,569				2,754				3,335								—				6,088				194,657				1,704
Transfers by loss of control			—				—				—				—				—				—				—				—
Sales and transfers of oil and gas, net of production cost			(38,212	)			(652	)			(700	)			—				—				(1,352	)			(39,563	)			(952	)
Development cost incurred			18,158				546				418				—				—				964				19,122				638
Net change due to purchases and sales of minerals in place			—				(1,092	)			106				—				—				(985	)			(985	)			—
Net change due to extensions, discoveries and improved recovery less related costs			7,197				182				—				—				—				182				7,379				—
Revisions of previous quantity estimates			16,764				(28	)			213				—				—				185				16,949				(30	)
Net change in prices, transfer prices and in production costs			(33,371	)			(255	)			(378	)			—				—				(633	)			(34,004	)			(576	)
Changes in estimated future development costs			(11,824	)			(361	)			38				—				—				(323	)			(12,147	)			(116	)
Accretion of discount			18,857				132				343				—				—				475				19,331				176
Net change in income taxes			7,570				(114	)			(94	)			—				—				(208	)			7,363				86
Other - unspecified							(30	)			25				—				—				(6	)			(6	)			362
Balance at December 31, 2014			173,707				1,082				3,306				—				—				4,388				178,094				1,292

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		Consolidated entities																												Equity Method Investees
						Abroad**
		Brazil				South America				North America				Africa				Others				Total				Total
Balance at January 1, 2013			188,618				3,200				2,466				3,755				—				9,421				198,039				411
Transfers by loss of control*			—				—				—				(3,755	)			—				(3,755	)			(3,755	)			3,755
Sales and transfers of oil and gas, net of production cost			(33,988	)			(1,159	)			(398	)			—				—				(1,557	)			(35,545	)			(735	)
Development cost incurred			16,732				656				165				282				2				1,105				17,837				237
Net change due to purchases and sales of minerals in place			(1,008	)			272				(116	)			—				—				157				(851	)			(1,878	)
Net change due to extensions, discoveries and improved recovery less related costs			33,171				—				673				—				—				673				33,844				—
Revisions of previous quantity estimates			(4,075	)			28				936				—				—				963				(3,112	)			84
Net change in prices, transfer prices and in production costs			(9,710	)			(373	)			(351	)			(282	)			(2	)			(1,665	)			(10,718	)			(416	)
Changes in estimated future development costs			(19,155	)			(404	)			(346	)			—				—				(750	)			(19,905	)			(86	)
Accretion of discount			18,862				447				271				—				—				718				19,579				251
Net change in income taxes			(877	)			189				(12	)			—				—				176				(701	)			272
Other - unspecified							(102	)			46				—				—				(56	)			(56	)			(192	)
Balance at December 31, 2013			188,569				2,754				3,334				—				—				5,431				194,657				1,704

* Amounts transferred from consolidated entities to equity-method entities, as the Company ceased to consolidate PO&G. See note 10.2 for further details.

** Includes the amount of US$ 1,758 related to assets classified as held for sale.

Bolivian proved reserves are not included due to restrictions determined by Bolivian Constitution.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: January 6, 2017