Petrobras Oil And Natural Gas Reserves Surge By 2 Million Barrels, Reaching 10.5 Million In 2022, Marking The Largest Addition In The Company’s History

The Expansion Of Exploration Of The Basin Of Campos And Santos 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, (01/26), 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 the Búzios Field, as well as the other ventures in the Campos and Santos Basins, were essential for the great results.

Petrobras Advances In National Exploration And Expands Its Oil And Natural Gas Reserves To 10.5 Billion Barrels

The state company Petrobras continues to expand its presence in the national oil and natural gas landscape, marking its territory as a leader at the beginning of 2023.

It announced that, following SEC criteria, it reached the mark of 10.5 billion barrels of oil and condensate and gas in its national reserves.

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Of this total, 85% is oil and condensate and 15% is natural gas. Last year, the company achieved the largest volume addition of reserves in its history.

More than 2 million barrels of oil and natural gas were added, thanks to the new exploration campaigns of the state company in Brazil.

The increase in the company’s numbers was mainly due to the great results from the exploration campaigns and projects in the Búzios Field.

In addition, the company expanded its operations in ventures in the Campos and Santos Basins throughout 2022.

There were reductions due to the assignment of 5% of our participation in the Excess of Compensatory Assignment in Búzios and the effect of the co-participation agreements of the Excess of Compensatory Assignment of Atapu and Sépia, as well as actions for the assignment of rights in mature fields.

Thus, 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; volumes of injected gas; long-term testing production in exploratory blocks; and production in Bolivia.

Results Of The Increase In Petrobras’ Oil And Natural Gas Reserves Reflect The Company’s Efforts In Exploration Campaigns

Petrobras invested heavily in the exploration campaigns of 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 in the last 12 months.

In addition, the ratio between proven reserves and production (R/P ratio) increased to 12.2 years.

Petrobras says that it historically subjects at least 90% of its proven reserves to certification according to SEC criteria. Currently, the certifying company is DeGolyer and MacNaughton (D&M).

The company also stated that it estimates reserves following the criteria of 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 ANP/SPE and SEC criteria are mainly associated with the use of different economic assumptions.

Under any criteria adopted for estimates, Petrobras still achieved great exploration results and expansion of its oil and natural gas reserves in the last year.