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2023: Petrobras ends the year with 10,9 billion boe, 84% oil and 16% gas. Investments in renewable energy and LNG exports.
The modern world is powered by oil. Petrobras has reserves de oil and gas for more 12 years. This source of energy is vital for the global economy, being the main raw material for the production of various fuels and derived products.
Recently, an attack on Middle East resulted in the deaths of Americans, causing a new escalation in conflicts between oil-producing nations. oil. This event had an impact on the barrels of oil, raising the price of equivalent oil and raising concerns about the safety of transport routes for this important hydrocarbon.
Oil reserves reach new record at Petrobras
The giant of Petrobras oil has achieved significant milestones in terms of oil reserves in the last years. With a total of 10,9 billion barrels of oil equivalent (boe), the company has guaranteed constant production for more than 12 years, maintaining the current level of production. This is vital for your position in the market. oil, especially considering reserves certified by DeGolyer and MacNaughton (D&M) that follow the SEC criteria, resulting in 84% oil and condensate and 16% natural gas. Furthermore, according to the ANP/SPE criteria, the company has 11,1 billion boe.
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New investments to increase oil reserves
The constant increase in oil reserves has been a priority for Petrobras, which added 1,5 billion boe throughout 2023. Even discounting the production of 900 million boe and the divestment of 200 million boe, the company still recorded a net increase of 400 million boe in reserves. This growth was driven mainly by new volumes found in the Búzios, Tupi and Atapu, in the Santos Basin. Furthermore, the declaration of commerciality of gas fields Manta Ray and Spotted Ray, operated by Equinor, in the Campos Basin, also contributed significantly.
Future challenges for Petrobras in the oil market
Despite recent advances in oil reserves, Petrobras is already preparing for a possible decline, especially in relation to the pre-salt, expected for the next decade. With production estimated to peak between 2029 and 2030, the company highlights the importance of continuing to invest in maximizing the recovery factor and exploring new frontiers to replenish oil and gas reserves. Furthermore, the challenge of revitalizing the country's largest oil and gas field, Tupi, which has already entered a phase of declining production, is also among the company's priorities.
Exploration in the Equatorial Margin and environmental obstacles
Amid these challenges, the Petrobras focuses its attention on the Equatorial Margin, a region that runs from Rio Grande do Norte to Oiapoque (AP) and covers several basins, including Foz do Amazonas, Pará-Maranhão, Barreirinhas, Ceará and Potiguar. However, the company faces opposition from Ibama, especially in Foz do Amazonas, which has hampered its operations in the area. On the other hand, the oil company has already advanced in the exploration of Potiguar Basin, drilling wells and identifying the presence of hydrocarbon, although there are still uncertainties regarding economic viability.
Geopolitical and economic impact of oil
In addition to the situation of Petrobras, the oil It is also influenced by geopolitical events, such as the recent attack on a military base in Jordan, blamed on Iranian-backed militants. These incidents could further pressure the price of WTI oil, which has already accumulated an increase of 6% in the last week, also reflecting the better economic performance in the USA and stimulus announcements in China.
Source: EPBR
