Petrobras Reports 8.816 Billion Barrels of Oil in Proved Reserves for 2020

Petrobras Completed The Year 2020 With Proven Oil, Condensate, And Natural Gas Reserves Of 8.816 Billion Barrels Of Oil Equivalent (Boe).

Petrobras reported in a relevant fact last night (01/26) that it completed the year 2020 with proven oil, condensate, and natural gas reserves of 8.816 billion barrels of oil equivalent (boe), according to SEC (US Securities and Exchange Commission) criteria, a decrease of about 8% compared to the previous year. Looking for a job in the oil and gas sector? Immediate Hiring: CSE Rio das Ostras Is Recruiting For Many Positions For Onshore And Offshore Maintenance Job Vacancies

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According To The Company’s Report, In 2020, New Oil Reserves Were Incorporated Due To The Approval Of Projects And The Good Performance Of Reservoirs, Especially The Pre-Salt Of The Santos Basin, Resulting In An Appropriation Equivalent To 101% Of The Year’s Production, The Company Stated.

However, This Effect Was Offset By The Negative Impact From The 32% drop In Oil Prices Last Year, Which Is Projected As A Future Price According To SEC Criteria.

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The Sale Of Petrobras Assets In 2020 Is Aligned With Maximizing Portfolio Value, Focusing On World-Class Assets In Deep And Ultra-Deep Waters, And The Impact Was Not Relevant To The Total Value Of The Reserves.

Petrobras Emphasizes That The Impact Of The Sale Of Assets Of 117 Million Boe Was Not Relevant To The Total Value Of The Reserves.

“Considering The Balance Between Positive Replacement And Negative Impact, And Disregarding The Effect Of The Assets Sold In 2020, The Reserve Replacement Rate Was 29% Of This Year’s Production,” Petrobras Said In A Statement To The Market.

The Reserves For 2020 Do Not Yet Consider New Projects To Be Implemented Due To The Acquisition Of The Surplus From The Costly Assignment. These Volumes Will Be Incorporated After The Signing Of Co-Participation Agreements For The Búzios And Itapu Oil Fields.

The Evolution Of Proven Reserves, In Billion Barrels Of Oil Equivalent, Is Shown In The Graph Below.

The R/P Indicator (Ratio Of Proven Reserves To Production) Is 9.6 Years.