Petrobras reports that its estimates of proven reserves of oil, condensate, and natural gas, according to SEC ( US Securities and Exchange Commission ) criteria, totaled 12.1 billion barrels of oil equivalent (boe) as of December 31, 2025. Of this total, 84% is oil and condensate and 16% is natural gas .
In 2025, Petrobras continued its trajectory of significantly adding reserves ( 1.7 billion boe ), maintaining its focus on generating value for society and shareholders, and seeking to guarantee the energy security necessary for the country's sustainable development and a just energy transition. The reserve replacement rate (RRR) was 175%, even with record production in 2025. The ratio between proven reserves and production (R/P indicator) is 12.5 years.
The increase in reserves was mainly due to the excellent performance of assets, particularly the Búzios, Tupi, Itapu, and Mero fields in the Santos Basin, the progress in the development of the Budião, Budião Noroeste, and Budião Sudeste fields in deep waters of the Sergipe-Alagoas Basin, and new well projects, mainly in Búzios, Tupi, Marlim Sul, and Jubarte, in the Santos and Campos Basins. We did not experience significant changes in reserves due to oil price fluctuations, demonstrating the resilience of our projects.
The evolution of proven reserves is shown in the graph below.
Considering the expected production for the coming years, it is essential to continue investing in maximizing the recovery factor of already discovered assets, exploring new frontiers, and diversifying the exploration portfolio in Brazil and abroad to replenish oil and gas reserves.
Petrobras has submitted over 90% of its proven reserves for certification according to SEC criteria. 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 ) criteria. As of December 31, 2025, proven reserves according to this criterion reached 12.5 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 volumes beyond the contractual concession term in Brazilian fields as reserves under the ANP/SPE criteria, according to the ANP's technical reserve regulations.
Source: Petrobras
