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PBR » Topics » According to the SPE criteria:

This excerpt taken from the PBR 6-K filed Jan 16, 2009.

According to the SPE criteria:

On December 31st, 2008 Proved Reserves of oil, condensate and natural gas, abroad were 0.992 billion boe, representing a decrease of 9.0% in relation to 2007.

     
Proved Reserves – SPE Criteria    Volume    % 
     
Oil and Condensate (billion bbl)   0.497    50 
     
Natural Gas (billion m3)   83.943    50 
     
Oil Equivalent (billion boe)   0.992    100 
     

During 2008, the increase of proved reserves can be attributed to improving recovery factors in Argentina and Peru oil fields and the addition of Cascade field reserves in the United States. However this increase was offset by production activity, a decrease of assets in Ecuador and the revaluation of Nigeria reserves, resulting in a 98 million boe reduction of 2008 proven reserves, as shown below:

   
Proved Reserves – SPE Criteria   
Volume (billion boe)
   
A) Proved Reserves on December, 2007    1.090 
   
B) Incorporated as Proved Reserves in 2008    (0.016)
   
C) Accumulated Production 2008    (0.082)
   
D) Annual Change (B + C)   (0.098)
   
E) Proved Reserves on December, 2008 (A + D)   0.992 
   

According to SPE criteria, international Reserve/Production (R/P) ratio was 12.1 years.

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