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Petrobras Ends 2023 with 10.9 Billion Boe; 84% Oil and Condensate, 16% Natural Gas; Approved Investments, Stimulating Revitalization.
The company Petrobras is in the spotlight due to its oil and gas reserves that last for more than 12 years. This fact puts Petrobras in the spotlight in the energy market, demonstrating its potential to meet the future demand for fuels.
Furthermore, Petrobras is an important oil company that plays a key role in the production and distribution of fuels in Brazil and worldwide. The company is always seeking innovation and new technologies to remain competitive in the global market, ensuring its prominent role in the energy industry.
Increase in Reserves
Petrobras has oil reserves sufficient for more than 12.2 years, maintaining the current production level, according to information from the state-owned company. The end of 2023 indicated that the oil company ended the year with 10.9 billion barrels of oil equivalent (boe), representing 84% oil and condensate and 16% natural gas.
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The reserves follow the SEC criterion and are certified by DeGolyer and MacNaughton (D&M). According to the ANP/SPE criterion, which considers extraction beyond the current concession contracts, the reserves total 11.1 billion boe.
Petrobras Reserves
Petrobras added 1.5 billion boe to its reserves over 2023, resulting in a net increase of 400 million boe. This growth was mainly driven by new volumes found in the fields of Búzios, Tupi, and Atapu in the Santos Basin, and the commerciality declaration of the gas fields Raia Manta and Raia Pintada, operated by Equinor, in the Campos Basin.
Despite the increase in reserves, Petrobras faces the challenge of continuing to expand its oil reserves, especially as the pre-salt is expected to enter a decline in the next decade without new discoveries.
The company emphasizes the importance of continuing to invest in maximizing the recovery factor and exploring new frontiers to replenish oil and gas reserves. There is an estimate from the Energy Research Company (EPE) that, in the absence of new discoveries, oil production in the pre-salt will peak between 2029 and 2030 at 4.3 million barrels/day, followed by a decline.
Exploration in the Equatorial Margin
Furthermore, Petrobras is betting on the Equatorial Margin, an area that extends from Rio Grande do Norte to Oiapoque (AP) and includes the basins of Foz do Amazonas, Pará-Maranhão, Barreirinhas, Ceará, and Potiguar.
The company faces environmental challenges, particularly in the Foz do Amazonas, but has already made progress in exploring the Potiguar Basin, where it completed the drilling of the first exploratory well in Pitu Oeste. The oil company plans to conduct the second drilling in the Potiguar Basin in February at the Anhangá well, in the POT-M-762 concession.
Geopolitical Impact on Oil Prices
The rise in oil prices is also related to political events, such as the escalation of conflicts in the Middle East, which may further impact the market. The recent drone attack on a military base in Jordan, attributed to Iran-backed militants, generated expectations of a U.S. response. This unstable situation may create additional pressures on oil prices, which have already accumulated a 6% increase in the last week, highlighting the complexities that influence the energy market.
Source: EPBR
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