EMISSIONS OF REGULATED POLLUTANTS (ton)

The reductions in NOx and PM emissions in 2022, respectively of 18% and 13% in relation to the 2021 totals, are directly related to the lower thermoelectric dispatch requested by the National Electric System Operator (ONS), as well as to the divestment of thermal plants using liquid fuels.

The 2022 result for CO, 34% lower than 2021, mainly reflects the operation most of the time in total CO burning in the FCC units (acronym for fluid catalytic cracking) of our refineries.

SOx emissions are more significant in the Refining segment and accounted for 76% of the company's total emissions of this pollutant in 2022. For about 20 years, the indicator of absolute SOx emissions has been monitored internally with alert limits established for each refinery. In 2022, the total SOx emissions from our refining park were 1% lower than the alert limit established for the year.

Considering the company's total SOx emissions, there is a reduction of 6% between 2021 and 2022, which is mainly related to the improvement of the emissions inventory, especially with regard to the quality of data on the sulfur content of the fuels used in our maritime transport.

Emissions of volatile organic compounds showed a 30% reduction in 2022 compared to the 2021 result, mainly due to improvements in the inventory of hydrocarbon losses in oil storage in the E&P segment, in addition to reductions linked to the improvement in the quantification of fugitive emissions through the implementation of a measurement program in some of our thermal plants.

In addition to the inventory, we monitor emissions by sampling chimneys, in order to verify compliance with legal limits. We also monitor the air quality around our refining and thermoelectric generation activities with monitoring stations owned or operated by local environmental agencies. The information obtained from these follow-ups is considered in our operations and in the licensing of new units.

In our industrial processes, we prioritize the reduction of the generation of pollutants by increasing energy efficiency and reducing fuel consumption in comparison with measures to treat emissions already generated, known as “end of pipe” solutions.

In 2022, we resumed work on the atmospheric emissions abatement unit (SNOx) at the Abreu e Lima Refinery, which seeks to reduce sulfur oxides (SOx) and nitrogen (NOx) emissions. The unit's start-up is scheduled for the second half of 2024.

In the first quarter of 2023, we stopped selling fuel oil with a maximum sulfur content of 2%, known as OCA1, and began exclusively offering OCB1, a product with a maximum sulfur content of 1%. This measure will help customers in the industrial segment to reduce their sulfur oxide emissions.

In terms of unused hydrocarbons in our operations, we have historically observed a reduction in volumes burned in flares or directly dissipated into the atmosphere. Compared to 2018, the volume of flared gas in 2022 was 32% lower. As already reported in previous items, this reduction in flaring is mainly due to the better use of gas in E&P operations. With regard to hydrocarbons dissipated directly into the atmosphere, we found a continuation of the significant reduction in 2022, mainly associated with improvements in the inventory process and loss reduction in our units.

UNUSED HYDROCARBONS14 (CONSOLIDATED)

Energy consumed

In 2022, we consumed 705 thousand terajoules (TJ) or 328 thousand barrels of oil equivalent per day (boed) of energy, which represents a 24% decrease when compared to the previous year. This reduction is directly related to the significant decrease in thermoelectric generation in 2022, as well as reflecting improvements in efficiency and energy optimization in our processes.

— a) We considered the records of volume of gas flared in the activities, while they are part of our portfolio, of exploration and production, refining, production of fertilizers, treatment and transport of gas. b) We considered records of gas released directly to the atmosphere through venting and depressurization events (fugitive emission losses in line and equipment components are not included). c) About 99% of the volume of flared gas occurs in Brazil.

14 2021 numbers were revised after third-party certification completed in July 2022, from 39.1 million m³ to 39.2 million m³.

ENERGY CONSUMPTION WITHIN THE ORGANIZATION15 (consolidated in TJ)

TOTAL ENERGY SOLD16 (consolidated in TJ)

In 2022, we consumed 704,735 TJ of energy and sold 99,401 TJ of electricity and 7,897 TJ of steam, resulting in energy balance 597 thousand TJ of total energy consumption within the organization. It is noteworthy that we supply society, in terms of fuel sold, a total of 5.9 million TJ of energy.

Improving the energy efficiency of our processes is essential to our path towards reducing GHG emissions. Since we have a wide range of operational activities and products, we manage energy performance separately, based on the analysis of energy consumption and production results, in addition to emissions intensity indicators.

— a) The consolidation of internal energy consumption follows the approach and standards adopted for our emissions inventory, including the scope of organizational limits for direct and indirect operations. b) The amounts in mass or volume of fuel consumption consumed are converted to energy considering the values of calorific value by fuel type. Electricity and steam are accounted for based on the theoretical thermal equivalent (0.0036 TJ = 1 MWh). c) Conservatively, we consider that the total energy consumption reported is of fossil origin, since a possible consumption of energy from renewable sources has a low representation in the total, and to separate these in the report there would be a need to improve its tracking. d) Reported fuel consumption includes all those necessary for ours various operations, including: generation of electric energy and steam for internal use, heating and cooling currents, transportation, and processes, among others. e) In previous reports, values of energy in the form of steam consumed by Petrobras were reported. This consumption refers to the amount of steam acquired by our refineries, but which is imported directly from Petrobras' own thermal plants. In other words, there is no consumption of energy in the form of steam from sources outside of Petrobras. In this sense, there is no energy in the form of steam consumed by third parties to be reported. Thus, we excluded the item from the table, also rectifying previous years. f) The volume of natural gas and liquid fuels burned through flaring in 2022, totaled 81 thousand TJ and is not considered in the calculation of energy consumption.

152021 values were revised following third party certification completed in July 2022.

16 We do not sell “heating” and “cooling” energy. The energy sales volumes are those of the Free Trading Environment (ACL) and Regulated Trading Environment (ACR) of the thermoelectric plants we effectively control and are the same as those already reported to the market through Form 20-F reports (filed in the U.S. Securities and Exchange Commission - SEC) and Reference Form (filed at the Securities and Exchange Commission - CVM) converted by a factor of 3,600 in the transformation from MWh to Joule. 2021 steam volumes have been revised to account for steam sales to thirdparty refineries.

Specifically in the Refining segment, we internally monitor the intensity of our energy consumption, considering the relationship between the total consumption of primary energy of a refinery and a standard energy consumption that takes into account the volume of processed load, the quality of the load, the complexity and severity of process units.

REFINING ENERGY INTENSITY (consolidated)

In the E&P segment, we are expanding the use of the Energy and Carbon Panel implemented in more than 30 platforms to identify operational opportunities that may increase energy efficiency and reduce emissions at the units. The use of artificial intelligence to build more complex diagnoses and prognoses is under development. This new solution allows us, among other improvements, to better project our future emissions trajectory, including the impact of technological innovations, to fulfill commitments made in our low carbon agenda. In addition to emissions, the Panel allows real-time monitoring of energy generation and consumption on our platforms, and we plan to implement an energy performance indicator for this segment in the future.

Considering our production of oil, gas and oil products for the foreign and domestic markets, which will be used as an energy source by our customers, in 2022 we sold a total equivalent to 5.9 million terajoules (TJ) in energy products.17 In terms of energy consumption, the use of our energy products, including liquid products and electricity, for various purposes such as transporting people and cargo to industrial production processes, is of the utmost importance in our supply chain, similarly to emissions related to the burning of our fuels sold on the market.

Lower carbon products and businesses

The energy transition brings new opportunities to the business by increasing interest in low-carbon products and services. We seek opportunities that contribute to long-term sustainability, diversifying our portfolio of products and businesses.

We plan to position ourselves as a leading company in the supply of low carbon products, focusing on the BioRefino Program. The BioRefino 2030 Program includes projects for the production of a new generation of fuels that are more modern and sustainable, produced from renewable or residual raw materials. These fuels can be produced by co-processing in our refineries or in dedicated units.

The main drivers behind the development of our products, which begin with the definition of their concept, are aspects related to improving air quality and health, safety, energy efficiency and suitability for use.

Maintaining product quality, from production at refineries to burning in the engine, including transport, transfers and storage, is also a requirement taken into account during R&D projects.

We comply with national and international standards regarding impacts on health and safety, in addition to emphasizing the need for compliance with our suppliers.

Our products go through stages of risk assessment for health and safety, with a view to protecting workers, neighboring communities and the final consumer. The results of the evaluations are shown in the Material Safety Data Sheets (MSDS) of our products and inputs sold in Brazil and abroad. In cases where we act as suppliers, we provide the updated MSDS to our users, which contains the main information on these chemical substances related to health, safety, and the environment. Currently, our Chemical Product File System (SFPQ) provides Material Safety Data Sheets (MSDS) for around 300 Petrobras products and around 1600 inputs.

>> Information about our products can be found in the products tab on our website and in the Registration, Evaluation, Authorization and Restriction of Chemical Products (REACH) tab

In addition, we work in national and international partnerships with oil companies, automakers, government agencies, and universities, in order to participate in actions related to the improvement of air and fuel quality. Among these partnerships, we can highlight our participation in the Oil and Gas Climate Initiative (OGCI). The OGCI, in turn, has the participation companies to BP, Chevron, CNPC, ENI, Equinor, Exxon Mobil, OXY, REPSOL, Saudi Aranco, Shell and Total, in addition to us. This initiative seeks cooperation between the participants in order to reduce the carbon footprint of the energy production chain, accelerate solutions for a low carbon economy, and make a circular carbon (CO2) model feasible. At OGCI, we actively participate in the group called “Transportation Working Stream,” which focuses on the development of specific actions to reduce CO2 emissions in the transportation segments, including the road, sea and air segments. In the group, actions for the use of liquid fuels with a low carbon footprint stand out, including mixtures with biofuels and the use of renewable hydrogen, as well as actions for the capture of CO2 on board vessels, among other actions.

The increase in the content of renewable fuels, with the objective of reducing the emission of greenhouse gases, is evaluated with a survey of the impacts caused on the useful life of the equipment and compatibility with the circulating fleet, in order to guarantee vehicle safety and durability, in addition to avoiding the early degradation of pollutant emissions during use.

We plan to install a dedicated unit where 100% renewable diesel (Diesel R100) and sustainable aviation fuel (BioQAV) can be produced simultaneously. In 2022, phase 1 of the project for the first unit in Refinaria Presidente Bernardes (RPBC) was completed and we are studying the opportunity for a second unit.

In addition to co-processing for the production of Diesel R and the future dedicated unit for the production of renewable diesel oil and BioQAV, we also develop and offer more sustainable products, such as CAP-PRO (asphalt that can be applied at significantly lower temperatures, generating energy savings and fewer vapor emissions during application) and the bunker with renewable content. This bunker underwent the first supply test of a vessel by Transpetro. Testing continues throughout the first half of 2023.

The evaluation of diversification opportunities, especially those that are synergistic with our competencies, are the focus of the Profitable Diversification Committee. Throughout 2022, the committee evaluated several opportunities that also reduce the carbon footprints of our products and business. Thus, after a multi-criteria analysis, three segments were selected on which we will advance in internal studies: offshore wind energy, hydrogen and carbon capture. The investment decision will depend on sustainability assessments in economic and environmental aspects.

Also considering that our Scope 3 emissions mostly refer to the processing and use of our products, it is important to develop studies that consider such emissions to support future business assessments. During 2022, we developed a methodology that allows the comparison between different projects in terms of economic return and expected Scope 3 emissions.

Another assessment that we carry out considers the impact of the development of new products on the emissions intensity of the projected value chain for the company, allowing us to compare different strategies that can support the reduction of emissions associated with our activities. We intend to refine these studies and support ongoing portfolio diversification reviews by incorporating the value chain emissions aspect into the analysis of new diversification initiatives.

Innovation for energy and decarbonization solutions

Innovation is a relevant element to enable paths with a significant reduction in carbon intensity with energy arrangements that do not increase the cost of energy for society.

Some of the decarbonization opportunities have considerable technological challenges, which need research and development (R&D) to be overcome along our entire value chain.

We are committed to investing in low-carbon research, development and innovation. The development of low-carbon solutions has a minimum allocation of 10% of our investment in R&D.

Our research portfolio explores opportunities in the oil and gas chain and in renewables. We have been developing and evaluating technologies that contribute to achieving the established decarbonization targets, reducing emissions in internal processes and adding greater sustainability to our products, but also aiming at long-term diversification.

Are main R&D initiatives in low carbon are:

▪ Energy efficiency

▪ CCUS (carbon capture, utilization and geological storage)

▪ Subsea CO2 separation

▪ Mitigation of methane emissions

▪ Renewable diesel, BioQAV and Biobunker

▪ Hydrogen

▪ Offshore Wind

In 2022, we invested BRL 43.7 million in R&D in Brazil in the advanced biofuels segment and BRL 20.3 million in renewable energy. Investments were made in wind and solar energy and in BioQav and renewable diesel. Totaling BRL 64 million, the amount represents approximately 1.6% of our total investment. Our technology deliveries reflect our strategy for the transition to a low carbon economy.

Transpetro has a portfolio of projects for the energy efficiency of ships with an expected investment of BRL 64 million by 2027. These projects foresee an 11% reduction during this period in emissions from burning fossil fuels used on ships. The expected reduction is around 100 thousand tons of CO2 during this period. Among the energy efficiency projects we can mention those that promote the reduction in the resistance to the advance of the vessel through the installation of hydrodynamic appendices, trim optimization software (difference between the aft and forward drafts), ultrasonic devices that have the objective of preventing the growth of shellfish on the ship's side, and high-performance painting. There are also investments in projects to optimize the combustion of the main combustion engine, responsible for the ship's propulsion, in addition to projects for course control and cruise control.

Also in 2022, we offered a distance-learning course on Climate Change Mitigation in modules 1 and 2, with 148,851 participations from our workforce.

High quality carbon credits as a complementary strategy

We believe that offsetting emissions can be used as a complementary tool in our decarbonization path. These offsets can be natural, taking advantage of the removal potential involved in restoring and preserving forests, soils, oceans and seaweed, or through technological solutions such as carbon capture, utilization and storage (CCUS) and direct CO2 capture from the air (DAC). Although our strategy foresees the use of offsets, these initiatives should be thought of as additional contributions to intrinsic mitigation efforts and do not replace society's need to supply energy with lower carbon intensity.

Our operating assets are mostly installed in Brazil and we are responsible for supplying a large part of the energy consumed there. Therefore, we prioritize the acquisition of REDD+ credits (reduction of emissions from deforestation and forest degradation) as a voluntary contribution to the mitigation of national GHG emissions, at the same time that we can achieve more ambitious results than those possible with the intrinsic decarbonization of our operations.

We seek high quality credits in order to guarantee that they are actually bringing climate, socioeconomic and environmental benefits, taking advantage of the Brazilian potential in generating highly competitive natural-based credits. We are also committed to disclosing the origin and use of our carbon credits in a transparent and traceable manner.

In order to ensure the adoption of best practices in offsetting emissions and their proper inclusion in the company's decarbonization strategy, we actively participate in the Natural Climate Solutions (NCS) group of OGCI and in the International Petroleum Industry Environmental Conservation Association (Ipieca) These are international forums that discuss the best practices for the oil and gas industry, responsible principles for the use of high quality carbon credits, and guides for the management of high carbon potential environments, among other international initiatives related to this topic.

For the acquisition of carbon credits in the voluntary market, we will follow eligibility and quality assurance criteria that include both reforestation and forest preservation credits originating in Brazil. They must present internationally accepted quality certifications such as Verified Carbon Standard (VCS), Gold Standards and American Carbon Registry or other internationally credible certifiers. They must guarantee the generation of social and environmental co-benefits associated with these credits and certified by seals such as CCB Standards and Social Carbon, for example.

Socio-environmental investment in forests

Our Social Responsibility Policy presents as a guideline investing in socio-environmental programs and projects and, as a principle, overcoming sustainability challenges related to our business, including the transition to a low carbon energy matrix. In this sense, through the Petrobras Socio-environmental Program, we voluntarily supported, in 2022, 22 projects focused on forest recovery and conservation of areas. BRL 73 million will be invested throughout these initiatives, considering contracts that started in 2018 and others that will develop their activities until 2025.

The projects in force in 2022 were active in the direct recovery or conservation of forests and natural areas in the Atlantic Forest, Amazon, Caatinga and Cerrado, contributing to the mitigation of GHG emissions. The estimated net incremental benefit of the work carried out so far by these projects is around 2.3 million tCO2e, and considers the net removal and emissions avoided by actions that prevent deforestation.

The projects also worked to strengthen the management of around 27.8 million hectares of protected areas18. This includes actions such as monitoring fires, biodiversity and sustainable management with income generation through socio-biodiversity products in indigenous lands and quilombola territories. These initiatives also monitored endangered terrestrial species that occur in conserved areas of the Atlantic Forest, such as the southern muriqui (Brachyteles arachnoides), and from the Caatinga, the three-banded armadillo (Tolypeutes tricinctus).