Petrobras Domestic, Int'l Proven Reserves up 0.12% at End-2005

Brazil's federal energy company Petrobras (NYSE: PBR) has increased its domestic and international proven reserves 0.12% to 14.914 billion barrels of oil equivalent (Bboe) at December 31, 2005, from 14.895Bboe at end-2004, the company said in a statement.

A decline in international proven reserves to 1.681Bboe at end-2005, down 1% from 1.87Bboe at end-2004, was offset by an increase in domestic proven reserves, which rose 1.6% to 13.2Bboe from 13Bboe at December 31 2004, the statement said.

International reserves declined as the company's reserves in Argentina and Bolivia were revised downwards by 97 million barrels of oil equivalent (Mboe) and production depleted the company's reserves by 94Mboe.


Domestic reserves rose mainly due to new finds in the Santos, Campos, Espírito Santo, Alagoas, Rio Grande do Norte and Recôncavo basins.

The company also increased its reserves estimates in the Albacora Leste, Albacora and Marlim fields in the Campos basin, the company said.

Among important new finds were the Campos basin Papa-Terra offshore find in late December 2005, with estimated reserves of some 1Bboe, and some 520Mboe in the Santos basin offshore fields of Uruguá and Tambaú, also reported in late December.

In 2005, the company added 882Mboe of new domestic proven reserves and produced a total of 673Mboe from domestic fields, the company said.

According to Petrobras, its domestic reserves now have a productive life of 19.7 years and international reserves 17.8 years.

The figures use the same criteria as the Society of Petroleum Engineers (SPE).

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