Rio de Janeiro, January 11, 2012 – Petróleo Brasileiro S.A.
- Petrobras, announces its proved reserves of oil, condensate and natural gas in 2011 according to the Society of Petroleum Engineers – SPE and Security and Exchange Commission – SEC criteria.
Petrobras’ Proved Reserves in 2011
As per as ANP/SPE criteria:
On December 31st, 2011 Petrobras Proved Reserves of oil, condensate and natural gas amounted to 16.41 billion barrels of oil equivalent (boe), an increase of 2.7% in relation to last year figures, distributed as shown:
|
Proved Reserves – SPE
|
Volume (billion boe)
|
%
|
|
Brazil
|
15.706
|
96
|
|
International
|
0.706
|
4
|
|
Total
|
16.412
|
100
|
During 2011, 1.315 billion boe were appropriated to the Proved Reserves, while 889 million boe were produced, resulting in an increase of 0.426 billion boe compared to the 2010 reserves (15.986 billion boe).
The increase in Petrobras’ reserves is the outcome of the incorporation of the new areas discovered in the Pre-Salt in the Santos and Campos Basins, of the new discoveries made in other Basins and Gulf of
Mexico, and of the projects deployed in the mature fields in Brazil and abroad.
|
Proved Reserves Breakdown – SPE
|
Volume (billion boe)
|
|
A) Proved Reserves in December, 2010
|
15.986
|
|
B) 2011 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
|
For each barrel of oil equivalent produced in 2011, 1.48 barrels of oil equivalent were appropriated, resulting in a Reserve Replacement Index of 148%.
The Reserve/Production (R/P) ratio was 18.5 years.
According to SEC criteria:
On December 31st, 2011, Proved Reserves were 12.873 billion boe, representing an increase of 1% in relation to 2010, distributed as shown:
|
Proved Reserves – SEC Criteria
|
Volume (billion boe)
|
%
|
|
Brazil
|
12.256
|
95
|
|
International
|
0.617
|
5
|
|
Total
|
12.873
|
100
|
During 2011, 1.014 billion boe were incorporated into Proved Reserves and 889 million boe were produced, resulting in an increase of 0.125 billion boe in relation to 2010 reserves (12.748 billion boe).
|
Proved Reserves Breakdown – SEC
|
Volume (billion boe)
|
|
A) Proved Reserves in December, 2010
|
12.748
|
|
B) 2011 Production
|
(0.889)
|
|
C) Incorporation of Proved Reserves in 2011
|
1.014
|
|
D) Variation (B + C)
|
0.125
|
|
E) Proved Reserves in December, 2011 (A + D)
|
12.873
|
For each barrel of oil equivalent produced in 2011, 1.14 barrels of oil equivalent were appropriated, resulting in a Reserve Replacement Index of 114 %.
The Reserve-Production Ratio was 14.5 years.
In addition to the volumes mentioned above, Petrobras has the right to produce, in pre-salt areas, 5 billion barrels of oil equivalent, acquired in 2010 with the Transfer of Rights Agreement.
Petrobras Proved Reserves in Brazil
According to ANP/SPE criteria:
On December 31st, 2011 the Proved Reserves of oil, condensate and natural gas in the fields under concession of Petrobras in Brazil amounted to 15.706 billion boe, representing an increase of 2.8% in relation to 2010.
|
Proved Reserves - SPE
|
Volume
|
%
|
|
Oil and Condensate (billion bbl)
|
13.218
|
84
|
|
Natural Gas (billion m3)
|
395.548
|
16
|
|
Oil Equivalent (billion boe)
|
15.706
|
100
|
During 2011, 1.242 billion boe were incorporated into Proved Reserves, with production over the same period amounting to 819 million boe, as shown in the following table:
|
Proved Reserves Breakdown – SPE Criteria
|
Volume (billion boe)
|
|
A) Proved Reserves in December, 2010
|
15.283
|
|
B) 2011 Production
|
(0.819)
|
|
C) Incorporated as Proved Reserves in 2011
|
1.242
|
|
D) Annual Change (B + C)
|
0.423
|
|
E) Proved Reserves in December, 2011 (A + D)
|
15.706
|
For each barrel of oil equivalent produced in 2011,1.52 boe were incorporated into Proved Reserves, resulting in a Reserve Replacement Index (RRI) of 152%.
According to SPE criteria, Petrobras Reserve/Production (R/P) ratio in Brazil was 19.2 years.
The highlights in 2011, in terms of Proved Reserves incorporation, were:
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