Brazil has a 7% increase in reserves – Capitalist

In 2023, proven oil reserves registered an increase of 6.98% compared to the previous year, while the volume relative to the sum of proven and probable reserves increased by 3.81%, and the sum of proven, probable and possible grew 2.26%. This data comes from the Annual Bulletin of Resources and Reserves of the National Petroleum, Natural Gas and Biofuels Agency (ANP).

Proved reserves refer to the amount of oil or natural gas that geoscientific and engineering analyzes indicate as commercially recoverable, with a certain confidence, on the reference date of the Annual Resources and Reserves Bulletin. When probabilistic methods are used, the probability of the quantity recovered being equal to or greater than the estimate must be at least 90%.

For probable reserves, the probability that the quantity recovered is equal to or greater than the sum of the estimated proven and probable reserves must be at least 50%. In the case of possible reserves, the probability that the quantity recovered is equal to or greater than the sum of the estimates of proven, probable and possible reserves must be at least 10%.

Petroleum

Companies contracted for exploration and production in Brazil declared 15.894 billion barrels of oil as proven reserves; 22.779 billion barrels as proven and probable reserves; and 27.531 billion barrels as proven, probable and possible reserves.

This resulted in a replacement rate of proven oil reserves of 183.54%, which represents around 2.278 billion barrels in new reserves. The reserve replacement index indicates the relationship between the volume added and the volume produced during the period considered.

According to the ANP, changes in the volume of Brazilian oil and natural gas reserves are attributed to the year’s production, additional reserves from new development projects, declarations of commerciality and reviews of field reserves due to various technical and economic.

ANP

Geologist and professor Jorge Picanço Figueiredo, from the Institute of Geosciences and Petroleum Engineering at the Polytechnic School of the Federal University of Rio de Janeiro (UFRJ), observes that Brazil’s position on the international scene in terms of proven reserves is not as significant, compared to countries such as the United States, Russia, Saudi Arabia, Iraq, Iran and Venezuela. He highlights that Brazilian oil is of good quality.

Figueiredo highlights that Brazil produces 3.5 million barrels of oil per day, which totals 1.27 billion per year. This production significantly exceeds national consumption, which is around 2.5 million barrels per day. The surplus of 1 million barrels per day is exported to the foreign market.

He also notes that oil will continue to be the main source of energy over the next 50 years, considering that the world consumes 105 million barrels per day, while Brazil contributes 3.4% of global production.

(With Agência Brasil).