January 27, 2021
Illustration only - Offshore platform in Brazil - Image by Ranimiro/AdobeStock
Brazil's state-run oil company Petrobras ended 2020 with proven reserves of oil, condensate, and natural gas of 8.816 billion barrels, it said in a securities filing on Tuesday, down about 8% from the previous year.
The company said its replacement rate was 29% of last year's production, adding the impact of asset sales, totaling an equivalent 117 million barrels of oil equivalent, was not relevant in the total value of reserves.
(Reporting by Marta Nogueira; Editing by Richard Chang)
Petrobras' Oil Reserves Dropped 8% in 2020
![Petrobras' Oil Reserves Dropped 8% in 2020]()
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