Reserve growth was primarily driven by strong performance in key pre-salt fields located in the Santos Basin, including Búzios, Tupi, Itapu, and Mero. Progress in developing the Budião complex in the deepwater Sergipe-Alagoas Basin also contributed, along with new wells drilled in Búzios, Tupi, Marlim Sul, and Jubarte in the Santos and Campos basins. Petrobras emphasized that price fluctuations of crude oil had minimal impact on reserve estimates, highlighting the economic resilience of its portfolio.
More than 90% of the company’s proven reserves are certified by independent auditors DeGolyer and MacNaughton under SEC criteria. Reserve estimates according to ANP/SPE methodology reached 12.5 billion boe, slightly higher due to different economic assumptions and inclusion of volumes beyond contract concession terms.
The company underscored the importance of ongoing investments to maximize recovery from existing fields, expand exploration in new regions, and diversify its portfolio domestically and internationally. This strategy is essential to maintain reserve levels and support the energy transition while ensuring long-term value for shareholders and energy security for Brazil.
This article was curated and published as part of our South American energy market coverage.
