Petrobras reports that its estimates of proven reserves of oil, condensate and natural gas, according to SEC ( US Securities and Exchange Commission ) criteria, resulted in 11.4 billion barrels of oil equivalent (boe), on December 31, 2024. Of this total, 85% are oil and condensate and 15% natural gas. In 2024, Petrobras continued its trajectory of significant addition of reserves (1.3 billion boe), reaching a reserve replacement rate (IRR) of 154%, focusing on profitable assets and in alignment with the search for a fair energy transition, generating value for society and shareholders.
The addition of reserves occurred mainly due to the continued development of the Atapu and Sépia fields and the good performance of the assets, with emphasis on the Búzios, Itapu, Tupi and Sépia fields, in the Santos Basin. There were no relevant changes in reserves due to variations in the price of oil.
The evolution of proven reserves is shown in the graph below.
The ratio of proven reserves to production (R/P ratio) is 13.2 years.
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 replenish oil and gas reserves.
Petrobras has historically submitted at least 90% of its proven reserves for certification according to the SEC criterion. Currently, the certifying company is DeGolyer and MacNaughton (D&M).
Petrobras also estimates reserves according to the ANP/SPE (National Agency of Petroleum, Natural Gas and Biofuels / Society of Petroleum Engineers ) criterion. As of December 31, 2024, proven reserves according to this criterion reached 11.7 billion barrels of oil equivalent. The differences between the reserves estimated by the ANP/SPE and SEC criteria are mainly associated with the use of different economic assumptions and the possibility of considering as reserves, in the ANP/SPE criterion, volumes beyond the contractual concession term in the fields in Brazil, in accordance with the ANP's technical reserves regulation.
Source: Petrobras
