Brazil’s proven oil reserves up 11% in 2021

They add up to 13.24 billion barrels

Published on 01/04/2022 - 10:59 By Vladimir Platonow - Rio de Janeiro

Brazil’s proven reserves of oil increased by 11 percent in 2021. Also reported were a 14.3 percent surge in the sum of proven and probable reserves and a 19.8 percent growth in the sum of proven, probable, and possible, compared to 2020 data, as released by national oil authority ANP on Thursday (Mar. 31).

“Approximately 13.24 billion barrels of oil of proven reserves, 19.95 billion barrels of proven plus probable reserves, and 24.24 billion barrels of proven plus probable and possible reserves were declared by the firms hired for exploration and production in Brazil. In the pre-salt layer, a 15.7 percent growth was reported in proven reserves against 2020, adding up to 9.621 billion barrels,” the authority reported.

For natural gas, 378.65 billion m³ of proven reserves were said to have been declared, along with 491.92 billion m³ of proven plus probable reserves, and 560.4 billion m³ of proven plus probable plus possible reserves—up 11.7, 20.3, and 24 percent respectively, compared to 2020.

“Overall, the changes in the volume of Brazilian oil and natural gas reserves stem from production throughout the year, additional reserves from new development projects, declarations of commercial viability, and a review of reserves in the fields based on different technical and economic factors. This year, the highlight was the inclusion of the surplus from the cessão onerosa contract for the Búzios and Itapu fields,” the agency declared.

Translation: Fabrício Ferreira -  Edition: Fábio Massalli

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