This excerpt taken from the PBR 6-K filed Jan 16, 2009.
According to the SEC criteria:
Proved reserves on December 31st, 2008 amounted to 11.191 boe, distributed as follows:
During 2008, 1.401 billion boe in additions to domestic reserves (equivalent to 1.8 times domestic production) were offset by a loss of 1.198 billion boe due to declines in the price of Brent, with oil ultimately falling to US$ 36.55/bbl on December 31, 2008. Proved Reserves thus declined 4.4% vs. 2007. This corresponds to a Reserve Replacement Index RRI of 38% and the Reserves/Production ratio (R/P) was 13.5 years.
Petrobras clarifies that the hydrocarbon reserve properties belong to their respective National States.
Almir Guilherme Barbassa
This document may contain forecasts that merely reflect the expectations of the Companys management. Such terms as anticipate, believe, expect, forecast, intend, plan, project, seek, should, along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: January 16, 2009
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.