New Certification of Reserves and Resources from PetroReconcavo Indicates Increase of 5.3 Million Barrels of Oil Equivalent in Ownership Reserves

Written by Paulo Nogueira

Published on 09/02/2022 at 09:14

PetroReconcavo Identidade Visual Oficial – Fonte: Investidor Sardinha

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Data Prepared By Independent Consulting Netherland, Sewel & Associate – NSAI

PetroReconcavo announced on Monday (07) a new Certification of Reserves and Resources prepared by the independent consulting firm Netherland, Sewell & Associates, Inc. – NSAI. The report, which referenced December 2021, includes the reserves from the Remanso, Miranga, and BTREC fields in the Bahia Asset; and the Riacho da Forquilha field, which is part of the Potiguar Asset.

The document indicates an increase of 5.3 million barrels of oil equivalent, considering the gross oil and gas reserves classified as 2P compared to the previous report. The volume of new 2P reserves created totaled 10.8 million barrels of oil equivalent. Considering the cumulative production of 5.5 million barrels of oil equivalent during 2021, the recorded reserves replacement rate was 196%. There was also a significant increase of 125.5% in the calculation of the present value of estimated future revenues (PV10), which totaled around 2 billion dollars.

“We are excited about the results achieved. The growth of reserves and their present value is the result of various factors, including the Company’s success in negotiating new contracts for the commercialization and processing of natural gas and the rise in future oil prices, which extends the productive life of the fields,” explains the CFO of PetroRecocavo, Rafael Procaci da Cunha.

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Among the main variations in reserves in the Bahia Asset are the negotiation of new processing and sales contracts for gas (Gas and C3+), the increase in future oil prices, and new drilling projects identified. In the Potiguar Asset, the variations are due to the success in negotiating new contracts for the processing and sale of natural gas and derivatives (Gas, GLP, and C5+), the increase in future oil prices, and the inclusion of new workover and drilling projects. The positive results from projects undertaken in 2021 in the Potiguar Asset also allowed for the reclassification of some reserves that migrated from 2P to 1P and from 3P to 2P.

About PetroReconcavo

Founded 22 years ago, PetroReconcavo is an independent operator of oil and natural gas and one of the leaders in its field of operation in Brazil. The Company specializes in the operation, development, and revitalization of mature fields in onshore oil and gas basins and was one of the first private companies focused on this segment to operate in Brazil after the end of the state monopoly and the enactment of the Oil Law in 1997.

PetroReconcavo has a total of 60 fields, being the operator of 58 of them, which are in the production phase. The Company operates 32 fields in the Potiguar Basin and 26 in the Recôncavo Basin.

Source: PetroReconcavo Press

New Certification of Reserves and Resources from PetroReconcavo Indicates Increase of 5.3 Million Barrels of Oil Equivalent in Ownership Reserves

Data Prepared By Independent Consulting Netherland, Sewel & Associate – NSAI

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Data Prepared By Independent Consulting Netherland, Sewel & Associate – NSAI

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