Petrobras declares its proved reserves of oil, condensate and natural gas in 2009 according to the Society of Petroleum Engineers.

On December 31st, 2009 Petrobras' proved reserves of oil, condensate and natural gas amounted to 14.865 billion barrels of oil equivalent (boe), a decrease of 1.5% on last year.

Proved Reserves - SPE Volume (billion boe) % Brazil: 14.169 (95%) International: 0.696 (5%) Total: 14.865 (100%)

According to the SPE Criteria, 652 million boe were incorporated into Proved Reserves in 2009 and 872 million boe were produced, resulting in a decrease of 220 million boe in relation to 2008 proved reserves (15.085 billion boe). This decrease is mainly due to Bolivian reserves exclusion from the total amount.

Proved Reserves Breakdown - SPE Volume (billion boe) - Proved Reserves in December, 2008: 15.085 - 2009 Production: (0.872) - 2008 Bolivian Reserves + 2009 Bolivian Production: (0.279) - Incorporation of Proved Reserves in 2009: 0.931 - Proved Reserves in December, 2009: 14.865

According to SPE criteria, the Reserve Replacement Index (RRI) in 2009 was 75% and the Reserve/Production (R/P) ratio was 17 years.

Tags: Petrobras