New certification of PetroReconcavo Reserves and Resources points to an increase of 5,3 million barrels of oil equivalent in ownership reserves

Data were prepared by the independent consultancy Netherland, Sewel & Associate – NSAI

PetroReconcavo announced on Monday (07) a new Certification of Reserves and Resources prepared by the independent consultancy Netherland, Sewell & Associates, Inc. – NSAI. The report, which had December 2021 as a reference, includes the reserves of the Polo Remanso, Polo Miranga and BTREC fields, in Ativo Bahia; and the Riacho da Forquilha hub that makes up the Potiguar asset.

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The document points to an increase of 5,3 million barrels of oil equivalent, considering 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 accumulated production of 5,5 million barrels of oil equivalent during 2021, the recorded reserve replacement rate was 196%. There was also a significant increase of 125,5% over the calculation of the present value of estimated future revenues (PV10), which totaled approximately 2 billion dollars.

“We are thrilled with the results achieved. The growth in reserves and their present value is the result of several factors, including the Company's success in negotiating new contracts for the sale and processing of natural gas and the rise in the future price of oil, which extends the productive life of the fields”, explains the CFO of PetroRecocavo, Rafael Procaci da Cunha.

Among the main changes in reserves at Ativo Bahia are the negotiation of new gas processing and sale contracts (Gas and C3+), the increase in the future price of oil and new drilling projects identified. As for Asset Potiguar, the variations are due to the successful negotiation of new contracts for the processing and sale of natural gas and derivatives (Gas, LPG and C5+), the increase in the future price of oil and the inclusion of new workover and drilling projects . The good results of projects carried out in 2021 at Ativo Potiguar 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 oil and natural gas operator and one of the leaders in its area of ​​operation in Brazil. The Company specializes in the operation, development and revitalization of mature fields in onshore oil and gas basins (onshore) and was one of the first private companies focused on this segment to operate in Brazil after the end of the state monopoly and enactment of the Petroleum 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