Petrobras Surges in Oil, Gas Reserves to 11.4 Billion BOE in 2024

Petrobras Surges in Oil, Gas Reserves to 11.4 Billion BOE in 2024

Petrobras has increased its oil, condensate, and natural gas proved reserves to an estimated 11.4 billion barrels of oil equivalent (boe)  as of Dec. 31, 2024, up from 11.4 billion boe in 2023, according to US Securities and Exchange Commission regulations (SEC).

The Brazilian state-run oil company has reported that 85% of the estimated reserves consist of oil and condensate, while the remaining 15% are natural gas.

Petrobras added 1.3 billion boe to its reserves last year, effectively offsetting a production of 900 million boe, according to Reuters,

The increase in total reserves was primarily attributed to the ongoing development of its Atapu and Sepia fields, as well as the strong performance of assets including the Buzios, Itapu, Tupi, and Sepia fields.

To maintain and grow reserves, Petrobras said on Wednesday that it plans to continue investing in maximizing recovery factors, exploring new frontiers, and diversifying its exploratory portfolio

 

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Doaa Ashraf 733 Posts

Doaa is a staff writer with a Bachelor's Degree in Mass Communication, majoring Journalism from Ahram Canadian University. She has 2-3 years of experience in copywriting, and content creation.

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