Petrobras's proved reserves for 2011

Jan 12, 2012 12:00 AM

During 2011, 1,315 bn boe were added to Proved Reserves, while 889 mm boe were produced, resulting in an increase of 0.426 bn boe compared to the 2010 reserves figure of 15.986 bn boe, based on the criteria used by the Brazilian National Petroleum Agency (ANP) and the Society of Petroleum Engineers (SPE).
On December 31, 2011 Petrobras’s Proved Reserves of oil, condensate and natural gas amounted to 16.41 bn boe, an increase of 2.7 % on last year figure, as shown below:

Proved reserves - SPEVolume (bn boe)%
Brazil 15.706 96
International

0.706

4
Total

16.412

100


The increase in Petrobras’s reserves is the outcome of incorporating new fields discovered in the Pre-Salt Cluster in the Santos and Campos Basins, new discoveries in other Brazilian Basins and the Gulf of Mexico, and projects implemented in mature fields in Brazil and abroad.

Proved reserves breakdown - SPEVolume (bn boe)

A) Proved reserves in December, 2010

15.986

B) 2011 cumulative production

(0.889)

C) Incorporation of proved reserves in 2011

1.315

D) Variation (B + C)

0.426

E) Proved reserves in December, 2011 (A + D)

16.412


Based on SPE criteria, for each boe produced in 2011, 1.48 boe were incorporated into Proved Reserves, resulting in a Reserve Replacement Index of 148 %. The Reserve/Production Ratio was 18.5 years.

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