Petrobras ended 2024 with a proven reserve of oil, condensate, and natural gas estimated at 11.4 billion, according to the Securities and Exchange Commission (SEC) regulations.
Of the total, 85% account for oil and condensate while the remaining 15% accounts for natural gas. This is a little under Guyana’s Stabroek Block with its reserve estimate at 11.6 billion.
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Last year, Petrobras added 1.3 billion oil-equivalent barrels to its reserves.
It replaced 154% of the oil it extracted that year by discovering or acquiring new reserves. The company also focused on profitable projects while also supporting a fair shift to cleaner energy, benefiting both society and its investors.
“The reserves addition occurred mainly due to the progress in the development of Atapu and Sépia fields, and to the good performance of the assets, with emphasis on Búzios, Itapu, Tupi and Sépia fields in Santos Basin,” Petrobras said.
It noted that considering the expected production for the coming years “it is essential to continue investing in maximizing the recovery factor, exploring new frontiers and diversifying the exploratory portfolio to replace oil and gas reserves.”
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Petrobras submits at least 90% of its proved reserves for independent evaluation, currently conducted by DeGolyer and MacNaughton (D&M), following SEC guidelines. It also estimates reserves under National Agency of Petroleum, Natural Gas and Biofuels / Society of Petroleum Engineers (ANP/SPE) definitions, which totaled 11.7 billion boe as of December 31, 2024.
Differences between ANP/SPE and SEC estimates arise from varying economic assumptions and the inclusion of volumes expected beyond concession expirations under ANP rules.
