LatinNews Daily - 29 January 2026

*Brazil’s state-controlled oil company Petrobras has announced that its proven reserves of oil, condensate, and natural gas totalled 12.1bn barrels of oil equivalent (boe) in 2025. This marks an increase from the 11.4bn boe registered for 2024. The addition of reserves was primarily due to the “excellent performance” in offshore fields such as the Búzios, Tupi, Itapu, and Mero fields in the Santos Basin; progress in the development of the Budião, Budião Noroeste, and Budião Sudeste fields, in the Sergipe-Alagoas Basin; and new well projects in the Búzios, Tupi, Marlim Sul, and Jubarte fields, in the Santos and Campos basins. The reserve replacement index – the ratio of the company’s additional proven reserves during a given period relative to its production – stood at 175% in 2025, meaning that Petrobras discovered more than enough reserves to sustain its production levels last year. The company estimates that its reserves would last 12.5 years at current production levels if no new reserves are discovered. In a press release, Petrobras highlighted the need to continue investing “in maximising the recovery factor of already discovered assets” and in the “exploration of new frontiers”.

End of preview - This article contains approximately 193 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial