Petroleo Brasileiro SA, known as Petrobras, (PBR) said Monday its board of directors has approved a new voluntary severance program.

Eligible employees number about 1,100 and are those who are currently active and have retired under the Brazilian social security system before the enactment of a 2019 constitutional amendment, the company said.

The terminations are expected throughout 2026, the company said, and its financial impact will be recognized in the company's financial statements as participation is confirmed.