It's Official! PetroReconcavo's Onshore Crude Oil Reserves May Total About 170.8 Million Barrels

It’s Official! PetroReconcavo’s Onshore Crude Oil Reserves May Total About 170.8 Million Barrels

Written by Paulo Nogueira

Published on 15/03/2023 at 11:00

Updated on 15/03/2023 at 12:50

Foto: Reprodução/DN ON

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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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It’s Official! PetroReconcavo’s Onshore Crude Oil Reserves May Total About 170.8 Million Barrels

Consulting Company Based in the USA Certified the Data in the Bahia and Potiguar Assets, According to the Brazilian Operator in a Press Release

Highlights for These Oil Reserves of PetroReconcavo

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It’s Official! PetroReconcavo’s Onshore Crude Oil Reserves May Total About 170.8 Million Barrels

Consulting Company Based in the USA Certified the Data in the Bahia and Potiguar Assets, According to the Brazilian Operator in a Press Release

Highlights for These Oil Reserves of PetroReconcavo

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