*Brazilian state-controlled oil company Petrobras has released its latest estimates for proven reserves of oil and natural gas, which totalled 11.4bn barrels of oil equivalent (boe) in 2024. This marks an increase from the estimate of 10.9bn boe in 2023. Of the 2024 estimate, oil and condensate comprise 85% of the proven reserves, while natural gas accounts for 15%. The expansion in proven reserves last year was mainly registered in the Santos basin, off Brazil’s south-eastern coast, specifically in the offshore oil fields of Búzios, Itapu, Tupi, and Sépia. In a press release, Petrobras called for the “exploration of new frontiers”, as the oil giant’s latest estimate for its reserves-to-production ratio (R/P) suggest that hydrocarbon reserves would last for 13.2 years if production levels were to continue at the current rate.
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LatinNews Daily - 30 January 2025
In brief: Brazil’s Petrobras ups estimate for hydrocarbon reserves
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