Petrobras Increases Oil and Gas Reserves to 11.4 billion Barrels

(Credit: MISC)

Brazilian state-run oil and gas major Petrobras has informed that its proven reserves of oil, condensate and natural gas rose to 11.4 billion barrels of oil equivalent (boe) in 2024, compared to 10.9 billion boe reported in 2023.

Oil and condensate, and natural gas correspond to 85% and 15% of this total, respectively, according to Petrobras.

The reserves addition occurred mainly due to the progress in the development of Atapu and Sépia fields, and to the good performance of the assets, with emphasis on Búzios, Itapu, Tupi and Sépia fields in Santos Basin, the company said.

Graph representing Petrobras' proven reserves in 2023 and 2024 (Credit: Petrobras)

There were no relevant changes related to the variation in the oil price, and the estimates were published in line with US Securities and Exchange Commission (SEC) regulation.

“Considering the expected production for the coming years, it is essential to continue investing in maximizing the recovery factor, exploring new frontiers and diversifying the exploratory portfolio to replace oil and gas reserves,” Petrobras said in a statement.