The ANP announced that oil companies have declared proven reserves (1P) of 12.835 billion barrels in 2017, an increase of 1% compared to 2016 and a net addition of 168.9 million barrels. The highlight was the Santos Basin, which alone added 740 million barrels, an increase of 12%, the highest in absolute terms.
Growth in the Santos Basin was partially offset by the fall in the Campos Basin, where oil companies lost 515.1 million barrels, down almost 9%. With the exception of the Potiguar Maritime Basin, which grew 1.57%, all other offshore regions lost proven reserves from 2016 to 2017. Offshore reserves closed 1.82% higher, with around 218 million barrels more.
Changes in the volume of Brazilian oil reserves are due to production during the year, additional reserves from new development projects and review of the reserves of the fields by different technical and economic factors. In 2017, approximately 957 million barrels of oil and 40 billion cubic meters of natural gas were produced in Brazil.
Onshore: oil companies have declared proven reserves of 646 million barrels of oil, down 7.65% year on year. The largest decline in absolute and relative terms was recorded in the Recôncavo, 18.87% or 34.3 million barrels less.
Taking into account the total of barrels added, Sergipe had the largest net addition, with 6 million barrels. In relative terms, the Parnaíba Basin registered a 200% increase in proven reserves declared by the operators, from 62 thousand to 188 thousand barrels of oil. In gas, the growth was of 5.67%, to 16.5 billion m3 declared by the companies.
For the year as a whole, reserves of 369.918 billion m3 of gas were declared, a decrease of 2% compared to 2016.
Source: Brazil Energy
Brazil Energy Insight 
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