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Petrobras ended 2023 with 10,9 billion boe; 84% is oil and 16% natural gas. New escalations in oil and gas, increased production and cost reductions boosted the market value.
Petrobras is investing in new technologies to explore the oil and gas reserves it has, thus ensuring its prominent position in the market National and international.
A state oil company has been going through a series of changes to adapt to the global scenario, seeking to modernize and become more competitive. The actions of Petrobras in the market have been a topic of debate among experts and investors, who closely follow the company's movements.
Petrobras report on oil reserves
the state company Petrobras disclosed information about its oil reserves which indicate a sufficient supply for more than 12,2 years, maintaining the current level of production. According to the company, the end of 2023 revealed an accumulation of 10,9 billion barrels of oil equivalent (boe), being 84% oil and condensate, and 16% natural gas.
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- The reserve criteria, defined by DeGolyer and MacNaughton (D&M), certifies the existing quantities according to the SEC criteria. The ANP/SPE standard, which considers extraction beyond current concession contracts, records a total of 11,1 billion boe.
With an net increase of 400 million boe in reserves, the company announced an additional 1,5 billion boe throughout 2023, disregarding the production of 900 million boe and the divestment of 200 million boe.
- The growth was most evident in the fields of Búzios, Tupi, and Atapu, in the Santos Basin, in addition to the declaration of commerciality of gas fields Manta Ray and Spotted Ray, operated by Equinor, in the Campos Basin.
According to Petrobras, the next challenge is to maintain the expansion of reserves, especially in the pre-salt, which is expected to decline in the next decade without new discoveries.
- The company highlighted the importance of investing in maximizing recovery factor and exploring new frontiers to replenish reserves of Oil and Gas. The expectation is that, without new discoveries, oil production in the pre-salt will reach a peak between 2029 and 2030, at 4,3 million barrels/day, and then begin to decline.
Petrobras' focus on the Equatorial Margin
The big exploratory bet of Petrobras is on the Equatorial Margin, a coastal area that covers several basins, such as Foz do Amazonas, Pará-Maranhão, Barreirinhas, Ceará and Potiguar.
To date, the company is facing opposition from Ibama, especially in mouth of amazon, amid environmental obstacles that still need to be overcome.
- Recommended reading: understand what is at stake in Foz do Amazonas
Despite the difficulties in Foz do Amazonas, Petrobras has advanced in the exploration of the Potiguar Basin, also located on the Equatorial Margin. The state-owned company completed the first drilling of the Pitu Oeste well, identifying the presence of hydrocarbons, even though the evidence on economic viability is still inconclusive.
- The next step is the second drilling in the Potiguar Basin, in the Anhangá well, in the concession POT-M-762, which is scheduled for February and will mark another advance in the exploration of the region.
Geopolitics of oil: war in the Middle East
While the Petrobras focuses on its operations, the geopolitics of oil continue to influence markets, especially due to the new climb of conflicts in the Middle East. A drone attack on a military base in Jordan, attributed to Iran, has raised expectations of more incisive US participation in conflicts in the region.
- The recent attacks have strained relations between the US and Iran, which now face the threat of retaliation from US forces.
- Furthermore, Iran also supports the Houthis, responsible for attacks that affect cargo navigation on the Mar vermelho, increasing tensions in the region.
Impacts of the Middle East on oil prices
A possible worsening of conflicts in the Middle East will contribute to further pressure on the price of oil, which has already registered a significant increase in recent weeks, reaching levels of US$78,01 for WTI and US$83,55 for Brent, in March. that. The recent increase in prices already reflects not only geopolitical conflicts, but also the economic performance of the US and stimulus in China, resulting in an increase of 6% in recent weeks.
Impact on the energy sector
The United States government, led by President Joe Biden, announced the temporary suspension of new liquefied natural gas (LNG) export projects, under pressure from environmentalists, while it assesses the impact of the LNG industry. This measure has significant repercussions on the global energy market, as the United States has stood out as a major LNG exporter in recent years.
- On the other hand, China recorded significant growth in the installation of solar energy, surpassing the record of 87,4 GW in 2022, with the installation of 216,9 GW of solar energy in 2023, surpassing the entire current capacity of the United States, according to data from BloombergNEF.
- Furthermore, the French oil company TotalEnergies registered new licensing requests with Ibama for offshore wind farms, totaling 12,1 GW in installed capacity, further expanding the presence of renewable energy in the global energy sector.
- At the same time, renewable energy producer Qair and aircraft manufacturer Airbus signed a memorandum of understanding to identify commercial opportunities for synthetic fuels (e-SAF), produced from green hydrogen, highlighting the importance of seeking more sustainable alternatives for the global energy matrix.
Source: EPBR
