The Brazilian state-owned oil and gas company Petrobras $PETR3 (+0,46 %)
$PETR4 (+1,21 %) has announced that its proven reserves of oil, condensate and natural gas have increased to 11.4 billion barrels of oil equivalent (boe) in 2024, compared to 10.9 billion boe in 2023.
According to Petrobras, oil and condensate and natural gas account for 85% and 15% of this total, respectively.
The increase in reserves is mainly due to the progress in the development of the Atapu and Sépia fields and the good performance of the facilities, with the focus on the Búzios, Itapu, Tupi and Sépia fields in the Santos Basin, the company said.
There were no relevant changes related to fluctuations in the oil price and the estimates were published in accordance with US Securities and Exchange Commission (SEC) regulations.
"Considering the production expected in the coming years, it is essential to continue investing in maximizing the recovery factor, exploring new areas and diversifying the exploration portfolio to replace the oil and gas reserves," Petrobras said in a statement.
