Petrobras announces the volume of its proven petroleum (oil and condensate) and natural gas reserves, assessed at the end of 2013 according to ANP/SPE (National Petroleum, Natural Gas and Biofuels Agency / Society of Petroleum Engineers) and SEC (Securities and Exchange Commission) criteria.

ANP/SPE Criteria:

According to ANP/SPE criteria, on December 31, 2013, Petrobras' proven oil, condensate and natural gas reserves reached 16.565 billion barrels of oil equivalent (boe), representing an increase of 0.8% from 2012, as shown in Table 1:

During 2013, 1.141 billion boe were added to proven reserves. In that year, Petrobras sold its participation in fields with proven reserves amounting to 0.156 billion boe. The balance between incorporations and sales resulted in an increase of 0.985 billion boe to proven reserves, against a production of 0.861 billion boe. These volumes do not take into account the production of Extended Well Tests (EWTs) in exploratory blocks in Brazil or the production in Bolivia since the Bolivian Constitution prohibits the disclosure and registration of its reserves. The evolution of the proven reserves, according to ANP/SPE criteria, is shown in Table 2:

Tags: Petrobras