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This excerpt taken from the PBR 20-F filed May 22, 2009. PRESENTATION
OF INFORMATION CONCERNING RESERVES
The estimates of our proved reserves of crude oil and natural
gas as of December 31, 2008, included in this annual report
have been calculated according to the technical definitions
required by the U.S. Securities and Exchange Commission, or
the SEC. DeGolyer and MacNaughton provided estimates of most of
our net domestic reserves as of December 31, 2008. All
reserve estimates involve some degree of uncertainty. See
Item 3. “Key Information—Risk Factors—Risks
Relating to Our Operations” for a description of the risks
relating to our reserves and our reserve estimates.
We also file oil and gas reserve estimates with governmental
authorities in most of the countries in which we operate. On
January 15, 2009, we filed reserve estimates for Brazil
with the ANP, in accordance with Brazilian rules and
regulations, totaling 11.9 billion barrels of crude oil and
condensate and 12.7 trillion cubic feet of natural gas. The
reserve estimates we filed with the ANP and those provided
herein differ by approximately 27%. This difference is due to
(i) the ANP requirement that we estimate proved reserves
through the technical abandonment of production wells, as
opposed to limiting reserve estimates to the life of our
concession contracts as required by
Rule 4-10
of
Regulation S-X
and (ii) different technical criteria for booking proved
reserves, including the use of
3-D seismic
data to establish proved reserves in Brazil and the use of
average oil prices as opposed to year-end prices to determine
the economic producibility of reserves in Brazil.
We also file reserve estimates from our international operations
with various governmental agencies under the guidelines of the
Society of Petroleum Engineers, or SPE. The aggregate reserve
estimates from our international operations, under SPE
guidelines, amounted to 0.497 billion barrels of crude oil
and NGLs and 2,967 billion cubic feet of natural gas, which
is approximately 8.24% higher than the reserve estimates
calculated under
Regulation S-X,
as provided herein. This difference occurs because, unlike
Regulation S-X,
the SPE’s technical guidelines allow for the booking of our
reserves in Nigeria based on certain oil recovery techniques,
such as fluid injection, based on analogous fields.
In December 2008, the SEC adopted revisions to its oil and gas
reporting rules in order to modernize and update the oil and gas
disclosure requirements. The changes bring the reporting
guidance up to date with advances made in the industry around
oil and gas reserves determinations. We are studying the impact
of the new SEC guidelines for reporting of our oil and gas
proved reserves. The new SEC guidelines have not gone into
effect and have not been used in the determination of reserves
for year-end 2008.
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This excerpt taken from the PBR 20-F filed Jun 30, 2005. PRESENTATION OF INFORMATION CONCERNING RESERVES
The estimates of our proved reserves of crude oil and natural gas as of December 31, 2004, included in this annual report have been calculated according to the technical definitions required by the U.S. Securities and Exchange Commission, or the SEC. DeGolyer and MacNaughton provided estimates of most of our net domestic reserves as of December 31, 2004. All reserve estimates involve some degree of uncertainty. See Item 3. “Key Information—Risk Factors—Risks Relating to Our Operations” for a description of the risks relating to our reserves and our reserve estimates.
We also file oil and gas reserve estimates with governmental authorities in most of the countries in which we operate. On January 14, 2005, we filed reserve estimates for Brazil with the ANP, in accordance with Brazilian rules and regulations, totaling 11.1 billion barrels of crude oil and NGLs and 11,814 billion cubic feet of natural gas. The reserve estimates we filed with the ANP and those provided herein differ by more than five percent. This difference is due to (1) the ANP requirement that we estimate proved reserves through the technical abandonment of production wells, as opposed to limiting reserve estimates to the life of our concession contracts as required by Rule 4-10 of Regulation S-X and (2) different technical criteria for booking proved reserves, including the use of 3-D seismic data to establish proved reserves in Brazil. We also file reserve estimates from our international operations with various governmental agencies under the guidelines of the Society of Petroleum Engineers (SPE). The aggregate reserve estimates from our international operations, under SPE guidelines, amounted to 1.0 billion barrels of crude oil and NGLs and 5,188 billion cubic feet of natural gas, which differs by approximately 50 percent from reserve estimates provided herein because the SPE’s different technical guidelines allow for (1) the booking of reserves in Bolivia beyond the life of certain gas sale contracts and (2) the booking of reserves in Nigeria based on 3-D seismic data and certain oil recovery techniques, such as fluid injection, without the performance of pilot project tests.
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Not applicable.
Not applicable.
Petrobras
The following table sets forth our selected consolidated financial data, presented in U.S. dollars and prepared in accordance with U.S. GAAP. The data for each of the five years in the period ended December 31, 2004 have been derived from our audited consolidated financial statements, which were audited by Ernst & Young Auditores Independentes S/S for each of the years ending December 31, 2004 and 2003 and by PricewaterhouseCoopers Auditores Independentes for each of the years ending December 31, 2002, 2001 and 2000. The information below should be read in conjunction with, and is qualified in its entirety by reference to, our audited consolidated financial statements and the accompanying notes and Item 5. “Operating and Financial Review and Prospects.”
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