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Consulting Company Based in the USA Certified the Data in the Bahia and Potiguar Assets, According to the Brazilian Operator in a Press Release
PetroReconcavo announced on Tuesday (14) the new Certification of Reserves and Resources prepared by the independent consulting firm Netherland, Sewell & Associates, Inc. – NSAI, based in Texas, USA.
Regarding the gross 2P (Proven + Probable) oil and gas reserves, the December 2022 report reported an increase of 14.9 million barrels of oil equivalent (MMBOE) compared to the previous December 2021 report. The Company created 22.5 MMBOE of incremental reserves in 2022, which translates to a 2P Reserve Replacement Ratio (“RRR”) of 3.0.
Highlights for These Oil Reserves of PetroReconcavo
Also noteworthy is the 21% increase in projected future revenues (PV10), totaling US$ 2,707.7 million. The report includes the reserves from the Remanso + BTREC and Miranga Fields, which are part of the Bahia Asset, and from the Riacho da Forquilha Complex, which is part of the Potiguar Asset. The Tiê and Tartaruga fields, recently acquired, are not included.
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In addition to the projects executed in 2022, which allowed the reclassification of reserves; the identification of new workover projects executed in the Bahia Asset; and workover and drilling executed in the Potiguar Asset, commercial improvements in oil prices and processed natural gas products are among the main justifications for changes in the reserves of both assets.
“The increase in the future oil price, along with the inclusion of new workover and drilling projects in both assets, contributed to the Company’s good results, allowing the reclassification of some 2P reserves to 1P and 3P to 2P,” explains Rafael Procaci da Cunha, CFO of PetroRecôncavo.
In the Potiguar Basin, PetroReconcavo manages 32 fields and 1 exploratory block; in the Recôncavo Basin, it operates 27 fields and 5 exploratory blocks; and in the Sergipe-Alagoas Basin, it operates 75% of the Tartaruga concession. The company maintains a minority stake in a concession owned and managed by an external entity.
