Petrobras has announced its proven reserves of petroleum (oil, condensate and natural gas), assessed at the end of 2015 according to ANP/SPE (National Petroleum, Natural Gas and Biofuels Agency / Society of Petroleum Engineers) and SEC (US Securities and Exchange Commission) criteria.
According to SEC reserves classification and appropriation criteria, on December 31, 2015, Petrobras´ proven oil, condensate and natural gas reserves reached 10.516 billion barrels of oil equivalent (boe), as shown in Table 3. In 2014, these volumes were 13.141 billion boe, including shale reserves.
By SEC criteria, Petrobras presented a reduction of 1.692 billion boe in their proven reserves due to factors other than the extraction of oil and natural gas, as monetization of reserves and revisions, which equates to approximately 1.82 times the annual production. The ratio between the volume of the reserves and the volume produced is 11.3 years, 11.5 years of which in Brazil. The Development Ratio (DR), the ratio between developed proven reserves and total proven reserves, of 51.1% in 2015.
It is important mentioning that Petrobras historically certifies about 95% of its proven reserves according to SEC criteria. Currently, D&M (DeGolyer and MacNaughton) is the certifying entity. PetrolWorld 010216