Brazil has a 7% increase in capital-reserves

Brazil has a 7% increase in capital-reserves

In 2023, proven oil reserves recorded 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 potential reserves increased by 2.26%. These data come from the Annual Resources and Reserves Bulletin of the National Agency for Petroleum, Natural Gas and Biofuels (ANP).

Proven reserves refer to the amount of oil or natural gas that geological and engineering analyzes indicate is commercially recoverable, with a certain confidence, on the reference date of the annual Resources and Reserves Bulletin. When using probabilistic methods, the probability that the recovered quantity will be equal to or greater than the estimate must be at least 90%.

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

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

This led to a replacement rate of proven oil reserves of 183.54%, which represents about 2.278 billion barrels of new reserves. The reserve replacement index indicates the relationship between the volume added and the volume produced during the period under consideration.

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According to the National Ports Agency, changes in the volume of Brazilian oil and natural gas reserves are due to the year's production, additional reserves from new development projects, commercial viability announcements and reviews of field reserves due to various technical and economic reasons.

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

Figueiredo highlights that Brazil produces 3.5 million barrels of oil per day, for a total of 1.27 billion barrels per year. This production significantly exceeds national consumption, which amounts to about 2.5 million barrels per day. The surplus of one million barrels per day is exported to foreign markets.

He also points out that oil will remain the main source of energy over the next fifty years, considering that the world consumes 105 million barrels per day, while Brazil contributes 3.4% of global production.

(With Brazil agency).

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