Petrobras Announce Proven Reserves in 2014

Petrobras Announce Proven Reserves in 2014

Petróleo Brasileiro S.A. – Petrobras announces its proven reserves of petroleum (oil and condensate) and natural gas, assessed at the end of 2014 according to ANP/SPE (National Petroleum, Natural Gas and Biofuels Agency / Society of Petroleum Engineers) and SEC (US Securities and Exchange Commission) criteria.

Proven Reserves according to ANP/SPE Criteria:

According to ANP/SPE criteria, on December 31, 2014, Petrobras´ proven oil, condensate and natural gas reserves reached 16.612 billion barrels of oil equivalent (boe), representing an increase of 0.3% from 2013 (16.565 billion boe).petrobras

In addition to proven reserves of 2013 (16.565 billion boe), 1.150 billion boe were added during 2014. In turn, divestments were made providing a monetization in advance of 0.164 billion boe of proven reserves in Colombia, Peru, Argentina and United States (with respective deduction of this volume) and also the return of 11 concessions in Brazil (Caravela, Estrela do Mar, Cavalo Marinho, Tubarão, Iraí, Pojuca Norte, Gaiúba, Carataí, Moréia, Carapiá and Guaiamá) that led to a reduction of proven reserves of 0.043 billion boe.

The balance between appropriations, asset sales (monetization of Petrobras’ reserves abroad) and concession returns in Brazil resulted in an increase of 0.943 billion boe to Petrobras´ proven reserves, more than compensating the production of 0.896 billion boe in 2014, according to Graphic 1.

It should be emphasized that this produced volume of 0.896 billion boe in 2014 do not take into account the Extended Well Tests (EWTs) in exploratory blocks in Brazil or production in Bolivia since there, according to article 357 of the Bolivian Constitution (promulgated on February 7th, 2009) the concessionaire cannot register the reserves and, for EWTs, the area is still exploratory, not yet declared commercial, therefore, do not have associated reserve.
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