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The expansion of exploration in the Campos and Santos Basins guaranteed great results for the state-owned company in 2022. Petrobras announced an increase in oil and natural gas reserves, which reached the mark of 10,5 billion barrels at the end of the year.
Following the criteria of the SEC (US Securities and Exchange Commission), Petrobras announced this Thursday, (26/01), a strong increase in its oil and natural gas reserves. The numbers reached the mark of 10,5 billion barrels on December 31, 2022. The exploration projects in Campo de Búzios, as well as the other enterprises in the Campos and Santos Basins, were essential for the great results.
Petrobras advances in domestic exploration and expands its oil and natural gas reserves to 10,5 billion barrels
The state-owned company Petrobras continues to expand its presence in the national oil and natural gas scenario, marking its territory as a leader in the beginning of 2023.
It announced that, following SEC criteria, it reached the mark of 10,5 billion barrels of oil, condensate and gas in its reserves in the national territory.
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Of this total, 85% are oil and condensate and 15% natural gas. Last year, the company achieved the largest addition of booking volume in its history.
More than 2 million barrels of oil and natural gas were added, with the new exploration campaigns by the state-owned company in Brazil.
The increase in the company's numbers was mainly due to the great results in the exploration campaigns and projects in Campo de Búzios.
In addition, the company expanded its operations in projects in the Campos and Santos Basins throughout 2022.
There were reductions resulting from the assignment of 5% of our interest in the Transfer of Rights Surplus in Búzios and the effect of the co-participation agreements of the Transfer of Rights Surplus of Atapu and Sépia, in addition to actions for the assignment of rights in mature fields.
In this way, the organic replenishment of the company's reserves resulted in 239% of this year's production.
For the calculation, the state-owned company does not consider natural gas liquids; injected gas volumes; production of long-term tests in exploratory blocks and production in Bolivia.
Results of the increase in Petrobras' oil and natural gas reserves are a reflection of the company's efforts in exploration campaigns
Petrobras has invested heavily in exploration campaigns in the Campos and Santos Basins throughout 2022.
Thus, the record addition of barrels of oil and natural gas was a consequence of the company's efforts over the last 12 months.
Furthermore, the ratio between proved reserves and production (R/P indicator) increased to 12,2 years.
Petrobras says it historically submits at least 90% of its proved reserves under SEC criteria for certification. Currently, the certifying company is DeGolyer and MacNaughton (D&M).
The company also stated that it estimates reserves following the criteria of the ANP/SPE (National Agency of Petroleum, Natural Gas and Biofuels / Society of Petroleum Engineers).
On December 31, 2022, following these criteria, oil and natural gas reserves reached the mark of 10,7 billion barrels.
The differences between the reserves estimated by the ANP/SPE and SEC criteria are mainly associated with the use of different economic assumptions.
Regardless of the criteria adopted for the estimates, Petrobras still achieved great results in exploration and expansion of its oil and natural gas reserves in the last year.
