ANP: Brazil 2023 proven reserves at 15.894 billion barrels of oil

(TN) In 2023, there was an increase of 6.98% in proven oil reserves (1P), compared to 2022. There was also an increase of 3.81% in the volume relative to the sum of proven and probable reserves (2P) and 2.26 % in the sum of proven, probable and possible (3P).

The data are from the ANP’s Annual Resources and Reserves Bulletin (BAR). The BAR provides consolidated information on Brazilian oil and natural gas reserves declared in 2023. The publication presents reserve data by Federation unit, the proportion of proven, possible and probable reserves by basin, accumulated production by basin and state and the fraction recovered (total accumulated production divided by the volume of resources in place, that is, the total volume of oil in reservoirs) per basin. Reserve data is also available, interactively and with the possibility of applying filters, in the Dynamic Panel of Hydrocarbon Resources and Reserves.

Companies contracted for exploration and production in Brazil declared 15.894 billion barrels of oil from proven reserves; 22.779 billion barrels of proven + probable reserves; and 27.531 billion barrels of proven + probable + possible reserves.

Thus, the replacement rate of proven oil reserves (IRR 2023/2022) was 183.54%, representing around 2.278 billion barrels in new reserves. The reserve replacement index indicates the relationship between the appropriate volume and the volume produced in the period considered.

In the case of natural gas, 517.077 billion cubic meters of 1P reserves, 640.979 billion m³ of 2P reserves and 704.694 billion m³ of 3P reserves were declared, corresponding to an increase in absolute numbers of 27.12%, 23.79% and 25.35% respectively, compared to the year 2022.

The changes that occurred in the volume of Brazilian oil and natural gas reserves are due to the production carried out during the year, additional reserves arising from new development projects, declarations of commerciality and review of field reserves due to different technical and economic factors.

Companies operating producing fields must report annually to the ANP, by January 31st, the volumes of reserves, resources, accumulated production and in situ volumes of oil and natural gas for the previous year. The information contained in the BAR must be in accordance with the Development Plan and other plans and programs submitted to the Agency, and must be prepared in accordance with ANP Resolution No. 47/2014.