Petrobras Oil Reserves Decline, Company Ends 2019 at Lowest Levels Since 2001

The Decline of Petrobras’ Oil Reserves Last Year Indicates the Company Needs Boost in Exploration and New Discoveries

The proved reserves of Petrobras fell once again last year, reinforcing the company’s need to increase its investments in exploration and new oil and gas discoveries. The year’s closing indicated that the company is at its lowest levels since 2001. 640 job openings distributed by Neoenergia, SPTrans, Rumo, and more

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The estimate is that if the current pace is maintained, that is, consumption and replenishment, Petrobras’s reserves would be depleted in about 10 and a half years. This number, compared to the levels the company maintained its reserves since 2010, around 18 years, is considered low.

The decline in international oil prices, which began a few years ago, is considered a significant factor in the accounting of reserves. Other companies around the world have reserves for different amounts of years: ExxonMobil (17 years), Total (20 years), Shell (8 years), Equinor (9 years), and others, according to 2018 data. The reality of these last two companies is closer to the situation faced by Petrobras.

Petrobras’ proved oil and gas reserves totaled 9.59 billion barrels of oil equivalent (BOE) last year, according to the SEC (Securities and Exchange Commission). The volume, compared to 2018, remained stable.

According to the National Agency of Petroleum, Natural Gas and Biofuels (ANP) and the Society of Petroleum Engineers (SPE), the reserves stood at 11.235 billion BOE at the end of 2019, 6% less in annual comparison.