PetroReconcavo registers increase in 2P reserves in 2021

PetroReconcavo ended 2021 with an increase of 5.3 million barrels of oil equivalent in its reserves. The Reserves and Resources Certification report was prepared by the independent consultancy Netherland, Sewell & Associates and released this week by the oil company. Thus, the volume of new 2P reserves (proved and probable) totaled 10.8 million barrels of oil equivalent. Considering the accumulated production of 5.5 million barrels of oil equivalent during 2021, the reserve replacement rate recorded was 196%. The calculation of the present value of estimated future revenues (PV10) totaled approximately US$ 2 billion dollars (an increase of 125.5%).

“We are thrilled with the results achieved. The growth in reserves and their present value is the result of several factors, including the Company’s success in negotiating new contracts for the sale and processing of natural gas and the rise in the future price of oil, which extends the productive life of fields”, explained the financial director of PetroRecocavo, Rafael Procaci da Cunha.

Among the main changes in reserves at Ativo Bahia, are the negotiation of new gas processing and sale contracts (Gas and C3+), the increase in the future price of oil and new drilling projects identified. In the Potiguar Asset, the variations are due to the successful negotiation of new contracts for the processing and sale of natural gas and derivatives (Gas, LPG and C5+), the increase in the future price of oil and the inclusion of new workover and drilling projects . The good results of projects carried out in 2021 at the Potiguar Asset also allowed the reclassification of some reserves that migrated from 2P to 1P (proved) and from 3P (proved, probable and possible) to 2P.