Petrobras Boasts Growth in Oil and Gas Reserves

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

`;
document.write(write_html);
}

Breaking News:

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

image

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.

‘;
document.write(write_html);
}

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

More Top Reads From Oilprice.com

Join the discussion | Back to homepage

`;
document.write(write_html);
}



GOOGLE+
LINKEDIN
REDDIT
PRINT

`;
document.write(write_html);
}

EXXON Mobil
-0.35

Open57.81
Trading Vol.6.96M
Previous Vol.241.7B

BUY 57.15

Sell 57.00

 

  • Related Posts

    China’s Purchases Stall After Trump’s Tariff Threat on Buyers of Venezuelan Oil

    China’s Purchases Stall After Trump’s Tariff Threat on Buyers of Venezuelan Oil | OilPrice.com `; document.write(write_html); } Breaking News: ByCharles Kennedy– Mar 25, 2025, 11:30 AM CDT China, the biggest…

    Shell Flags Uncertain Outcome of $1.6-Billion Russian Court Claim

    Shell Flags Uncertain Outcome of $1.6-Billion Russian Court Claim | OilPrice.com `; document.write(write_html); } Breaking News: ByCharles Kennedy– Mar 25, 2025, 10:30 AM CDT The outcome of a Russian claim…

    Have You Seen?

    China’s Purchases Stall After Trump’s Tariff Threat on Buyers of Venezuelan Oil

    • March 25, 2025
    China’s Purchases Stall After Trump’s Tariff Threat on Buyers of Venezuelan Oil

    COMMENTARY: Solar and Wind Power Are Expensive – Fraser Insitute

    • March 25, 2025
    COMMENTARY: Solar and Wind Power Are Expensive – Fraser Insitute

    Shell Vows to Raise Investor Returns as It Bets Big on LNG

    • March 25, 2025
    Shell Vows to Raise Investor Returns as It Bets Big on LNG

    Shell Traders Haven’t Lost Money in Any Quarter Over Last Decade

    • March 25, 2025
    Shell Traders Haven’t Lost Money in Any Quarter Over Last Decade

    US Army Corps to Narrow List of Emergency Energy Projects by Next Week

    • March 25, 2025
    US Army Corps to Narrow List of Emergency Energy Projects by Next Week

    Alaska Seeks South Korean Investors for Its $44-Billion LNG Project

    • March 25, 2025
    Alaska Seeks South Korean Investors for Its $44-Billion LNG Project

    India’s Peak Electricity Demand Set to Jump By 10% in 2025

    • March 25, 2025
    India’s Peak Electricity Demand Set to Jump By 10% in 2025

    Biggest Indian Oil Producer Seeks to Diversify to Withstand Supply Glut

    • March 25, 2025
    Biggest Indian Oil Producer Seeks to Diversify to Withstand Supply Glut

    Shell Flags Uncertain Outcome of $1.6-Billion Russian Court Claim

    • March 25, 2025
    Shell Flags Uncertain Outcome of $1.6-Billion Russian Court Claim

    Analyst Says NatGas Bulls Attempting to ‘Hold Line’ Ahead of April Rollover

    • March 25, 2025
    Analyst Says NatGas Bulls Attempting to ‘Hold Line’ Ahead of April Rollover