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Petrobras ends 2023 with 10,9 billion boe; 84% oil and condensate, 16% natural gas; approved investments, stimulating revitalization.
Company Petrobras is in the spotlight due to the oil and gas reserves it has for more than 12 years. This fact places the Petrobras highlighted in the energy market, showing its potential to meet the demand for fuels in the future.
Furthermore, Petrobras is an important oil company which plays a fundamental role in the production and distribution of fuels in Brazil and around the world. The company is always looking for innovation and new technologies to remain competitive in the global market, ensuring its prominent role in the energy industry.
Increase in reserves
A Petrobras has oil reserves enough for more 12,2 years, maintaining the current level of production, according to information from the state-owned company. The closing 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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Reservations follow the SEC criteria and they are certified by DeGolyer and MacNaughton (D&M). According to the ANP/SPE criteria, which considers extraction In addition to current concession contracts, reserves total 11,1 billion boe.
Petrobras reserves
A Petrobras added 1,5 billion boe to reserves throughout 2023, resulting in a net increase of 400 million boe. That growing was driven mainly by new volumes found in the Búzios, Tupi and Atapu, in the Santos Basin, and in declaration of commerciality of the gas fields of Manta Ray and Spotted Ray, operated by Equinor, and on Campos Basin.
Despite the increase in reserves, the Petrobras faces the challenge of continuing to expand its oil reserves, especially since the pre-salt must enter decline over the next decade, without new discoveries.
The company highlights 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 by the Energy Research Company (EPE) that, if there are no new discoveries, oil production in the pre-salt will reach its peak between 2029 and 2030, at 4,3 million barrels/day, followed by a decline.
Exploration on the Equatorial Margin
Furthermore, Petrobras bet on the Equatorial Margin, an area that runs from Rio Grande do Norte to Oiapoque (AP) and encompasses the Foz do Amazonas, Pará-Maranhão, Barreirinhas, Ceará and Potiguar basins.
The company faces environmental challenges, especially in mouth of amazon, but has already advanced in the exploration of Potiguar Basin, where the drilling of the first exploratory well in Pitu Oeste. The oil company plans to carry out the second drilling in the Potiguar Basin in February, at the Anhangá well, in the concession POT-M-762.
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 could further impact the market. The recent drone attack on a military base in Jordan, attributed to Iranian-backed militants, generated expectations of a response from the US. This unstable situation could generate additional pressure on the price of oil, which has already accumulated an increase of 6% last week, highlighting the complexities that influence the energy market.
Source: EPBR
