Petrobras reports increase in proven oil, gas reserves in 2024
Petrobras reported that its estimates of proven oil, condensate, and natural gas reserves, in accordance with US Securities and Exchange Commission criteria, reached 11.4 billion barrels of oil equivalent (boe) as of December 31, 2024. Of this total, 85 percent is oil and condensate, while 15 percent is natural gas.
According to Petrobras' definition, condensate is the liquid extracted from natural gas during the standard field separation process, remaining in the liquid phase under normal pressure and temperature conditions.
The company states that, in 2024, it significantly increased its reserves by 1.3 billion boe, achieving a reserve replacement rate of 154 percent. This growth was driven by a focus on profitable active fields and aligned with its commitment to a fair energy transition.
The reserve addition was primarily due to the development of the Atapu and Sépia fields, along with the strong performance of assets, particularly the Búzios, Itapu, Tupi, and Sépia fields in the Santos Basin.
The proven reserves-to-production ratio (R/P indicator) stands at 13.2 years. “Given the expected production in the coming years, it is crucial to continue investing in maximizing the recovery factor, exploring new frontiers, and diversifying the exploration portfolio to replenish oil and gas reserves,” the company says.
