Petrobras Boasts Growth in Oil and Gas Reserves

Petrobras Boasts Growth in Oil and Gas Reserves | OilPrice.com

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Breaking News:

ByCharles Kennedy– Jan 30, 2025, 3:45 AM CST

Brazil’s Petrobras saw its proven oil and gas reserves increase by 500 million barrels last year, from 10.9 billion barrels to 11.4 billion barrels, the company said this week as quoted by Reuters.

As much as 85% of this total was in the form of crude oil and condensates with the remainder natural gas, Petrobras also said. The company also added 1.3 billion barrels of oil equivalent to its total reserves, while production came in at 900 million barrels of oil equivalent.

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Last November, the Brazilian state energy major said it planned to spend $111 billion in the five years between 2025 and 2029, with $77 billion of this total earmarked for oil and gas exploration and production activities.

The new spending figure is $10 billion higher than an earlier version of the investment plan, where exploration and production spending was set at $73 billion. That earlier plan, in turn, was an upward revision on an even earlier version of the 2025-2029 budget that stood at $102 billion.

Spending for 2025 specifically, however, was revised down in October. Initially pegged at $21 billion, the company’s spending plan for the year now stands at $17 billion, which Petrobras said was a more realistic figure in line with its financial capacity.

In 2024, Petrobras produced an average of 2.7 million barrels of oil equivalent daily, the company said earlier this week. Crude oil production alone stood at an average of 2.2 million barrels daily. Petrobras noted in its report that it had managed to offset production lost during maintenance and natural field depletion with the start of two new offshore platforms.

Going forward, the Brazil state energy major will focus on boosting production from existing fields, the company said in 2024, and seek to diversify its portfolio without losing focus of its profitable assets. Stemming natural depletion at mature fields will be another focus for the company between 2025 and 2029.

By Charles Kennedy for Oilprice.com

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