Brazil’s proven 1P reserves increased by 5.9% in 2024

Brazil’s proven oil reserves (1P) increased by 5.92% last year, while the volume of proven and probable reserves (2P) grew by 4.36%. The total of proven, probable and possible reserves (3P) increased by 4.27%. The data was released by the National Agency of Petroleum, Natural Gas and Biofuels (ANP), which published the Annual Bulletin of Resources and Reserves (BAR) 2024.

In total, companies declared 16.841 billion barrels of oil as proven reserves; 24.071 billion barrels in the proven + probable category and 29.176 billion barrels also considering possible reserves.

The proven reserves replacement rate (IRR), which measures the relationship between the volume of new reserves and production during the period, was 176.63%, equivalent to 2.171 billion barrels added to national reserves.

In the natural gas segment, proven reserves totaled 546.022 billion cubic meters, representing an increase of 5.17% year-on-year. 2P reserves reached 672.815 billion m³ (an increase of 4.35%) and 3P reserves reached 740.505 billion m³ (an increase of 4.26%).