Petrobras Reports Reserve Replacement Rate of 154% in 2024

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BELIZE CITY, BELIZE (Aaron Simonsky, Energy Analytics Institute, 29.Jan.2025) — Petrobras reported reserve additions of 1.3 billion barrels of oil equivalent (bn boe) in 2024, which translated into a reserve replacement rate of 154%.

The rise in reserves came amid a “focus on profitable assets and keeping alignment with the search for a just energy transition, generating value for society and shareholders,” Petrobras said 29 Jan. 2025 in an official statement. 

The positive reserves additions were due mainly to progress in the development of Atapu and Sépia fields as well as good performance of the assets, with emphasis on Búzios, Itapu, Tupi and Sépia fields in Santos Basin. 

There were no relevant changes related to the variation in the oil price, Petrobras said.

As a result, Petrobras’ proved reserves of oil, condensate and natural gas, according to US Securities and Exchange Commission (SEC) regulation, reached 11.4 bn boe, as of 31 Dec. 2024. Oil and condensate represented 85% of this total while gas represented 15% of this total.

Petrobras’ R/P ratio is 13.2x

Petrobras’ proved reserves to production or 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 replace oil and gas reserves,” Petrobras said.

Petrobras historically submits at least 90% of its proved reserves according to SEC definition to independent evaluation. Currently, this evaluation is conducted by reserve consultants DeGolyer and MacNaughton (D&M).

Petrobras also estimates reserves according to the National Agency of Petroleum, Natural Gas and Biofuels / Society of Petroleum Engineers (ANP/SPE) definitions. 

As of 31 Dec. 2024, the proved reserves according to these definitions reached 11.7 bn boe. 

Petrobras said thet differences between the reserves estimated of the ANP/SPE and the SEC are mainly due to different economic assumptions and the possibility of considering as reserves the volumes expected to be produced beyond the concession contract expiration date in fields in Brazil according to ANP reserves regulation.

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By Aaron Simonsky reporting from Belize City. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.

ENERGY ANALYTICS INSTITUTE (EAI) https://energy-analytics-institute.org

Energy Analytics Institute (EAI), formerly LatinPetroleum.com, is a Houston-established private organization with a satellite presence in Calgary, Mexico City and Venezuela where it operates under Editores LatinPetroleum SA. Since 1999, EAI has been a leader in energy news coverage of Latin America in particular. Coverage, run out of Latin America, now spans the world and encompasses nearly all energy and energy-related sectors.

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