Oil & Gas

Brazilian state-run oil and gas giant Petrobras has announced an increase in its proven reserves of oil, condensate, and natural gas, reaching 11.4 billion barrels of oil equivalent (boe) in 2024. This marks a rise from the 10.9 billion boe reported in 2023, demonstrating the company's steady progress in resource development and production.

According to Petrobras, oil and condensate account for 85% of the total reserves, while natural gas makes up the remaining 15%. The increase in reserves was largely attributed to advancements in the development of the Atapu and Sépia fields, as well as the strong performance of key assets, particularly the Búzios, Itapu, Tupi, and Sépia fields in the Santos Basin.

The company clarified that the rise in reserves was not significantly influenced by oil price fluctuations. The estimates were reported in compliance with regulations set by the U.S. Securities and Exchange Commission (SEC), ensuring transparency and adherence to international reporting standards.

Looking ahead, Petrobras emphasized the importance of continued investment to sustain production levels and replace reserves. The company aims to enhance recovery factors, explore new frontiers, and diversify its exploration portfolio to secure long-term energy supply.