1. Home
  2. / Economy
  3. / Petrobras Oil Reserves Decline, Company Ends 2019 at Lowest Levels Since 2001
Reading time 2 min of reading

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

Written by Roberta Souza
Published on 31/01/2020 at 14:19
Updated on 31/01/2020 at 14:33
petróleo, exportação, óleo combustível, petrobrasl
petróleo, exportação, óleo combustível, petrobras
Be the first to react!
React to this article

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

Check Out Other News:

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.

Roberta Souza

Author for the Click Petróleo e Gás portal since 2019, responsible for publishing over 8,000 articles that have garnered millions of views, combining technical expertise, clarity, and engagement to inform and connect readers. A Petroleum Engineer with a postgraduate degree in Industrial Unit Commissioning, I also bring practical experience and background in the agribusiness sector, which broadens my perspective and versatility in producing specialized content. I develop content topics, disseminate job opportunities, and create advertising materials tailored for the industry audience. For content suggestions, job vacancy promotion, or advertising proposals, please contact via email: santizatagpc@gmail.com. We do not accept resumes

Share in apps