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This excerpt taken from the PBR 20-F filed May 22, 2009. Reserves
On December 31, 2008, our estimated reserves of crude oil
and natural gas in Brazil totaled 10.3 billion barrels of
oil equivalent, including: 8.7 billion barrels of crude oil
and natural gas liquids and 247.6 bnm3 (9.3 tcf) of natural gas.
As of December 31, 2008, our domestic proved developed
crude oil reserves represented 61% of our total domestic proved
developed and undeveloped crude oil reserves. Our domestic
proved developed natural gas reserves represented 54% of our
total domestic proved developed and undeveloped natural gas
reserves. Total domestic proved crude oil reserves decreased at
an average annual rate of 1% in the last
five years. Natural gas proved reserves increased at an average
annual rate of 3% over the same period. Recent discoveries in
our pre-salt reservoirs are still under evaluation and are not
included in our proved reserves.
We are in discussions with ANP about the possible extension of
the production concessions we hold for our major producing
fields. In 2007 and 2008, we received a positive response from
ANP about extending the concession for the Albacora Leste,
Barracuda, Marlim Leste, Marlim Sul, Roncador, Marlim,
Espadarte, Albacora, Jubarte, Cachalote, Baleia Franca,
Candeias, Canto do Amaro, Ubarana and Siririzinho fields, which
resulted in an increase in our proved reserves in those fields.
We are discussing with ANP similar amendments to other
production concessions.
See “—Overview of the Group,” and
“Supplementary Information on Oil and Gas Producing
Activities” in our audited consolidated financial
statements for further details on our proved reserves.
This excerpt taken from the PBR 6-K filed Mar 18, 2008. Reserves Our proved reserves in Brazil and abroad, which are estimated by our management in accordance with Rule 4-10 of Regulation S-X of the U.S. Securities and Exchange Commission (SEC), amounted to 11.7 billion and 11.5 billion barrels of oil equivalent for 2007 and 2006, respectively. Total domestic and international production increased 0.7% to 788.2 million barrels of oil equivalent for 2007, as compared to 782.4 million barrels of oil equivalent for 2006. As of December 31, 2007, our proved reserves to production ratio was 14.8 years. 7
BUSINESS SEGMENTS
This excerpt taken from the PBR 6-K filed Apr 10, 2007. Reserves Our proved reserves in Brazil and abroad, which are estimated by our management in accordance with the Rule 4-10 of Regulation S-X of the U.S. Securities and Exchange Commission (SEC), amounted to 11.5 billion and 11.8 billion barrels of oil equivalent for 2006 and 2005, respectively. Total domestic and international production increased 2.0% to 782.4 million barrels of oil equivalent for 2006, as compared to 766.8 million barrels of oil equivalent for 2005. As of December 31, 2006, our proved reserves to production ratio was 14.5 years. 7 This excerpt taken from the PBR 20-F filed Jun 30, 2005. Reserves
Our estimated worldwide proved reserves of crude oil and natural gas as of December 31, 2004 totaled approximately 11.82 billion barrels of oil equivalent, including:
38
Table of ContentsWe calculate reserves based on forecasts of field production, which depend on a number of technical parameters, such as seismic interpretation, geological maps, well tests and economic data. All reserve estimates involve some degree of uncertainty. The uncertainty depends mainly on the amount of reliable geologic and engineering data available at the time of the estimate and the interpretation of this data. Therefore, the reliability of reserve estimates depends on factors that are beyond our control and many of such factors may prove to be incorrect over time.
As of December 31, 2004, our domestic proved developed crude oil reserves represented 44.7% of our total domestic proved developed and undeveloped crude oil reserves. Our domestic proved developed natural gas reserves represented 55.7% of our total domestic proved developed and undeveloped natural gas reserves. Total domestic proved hydrocarbon reserves on a barrel of oil equivalent basis increased at a compounded annual growth rate of 2.5% from the end of 1997 to 10.6 billion barrels of oil equivalent at the end of 2004. Natural gas as a percentage of total domestic proved hydrocarbon reserves increased 1.1% over the same period, representing an increase in volume from 5,782 billion cubic feet in 1997 to 7,954 billion cubic feet at the end of 2004, increasing at a compounded annual growth rate of 5.4% from the end of 1997 to 2004.
DeGolyer and MacNaughton, or D&M, reviewed and certified 91% of our domestic proved crude oil, condensate and natural gas reserve estimates as of December 31, 2004. The estimates for the certification were performed in accordance with Rule 4-10 of Regulation S-X of the SEC.
The following table sets forth our estimated net proved developed and undeveloped reserves and net proved developed reserves of crude oil and natural gas by region as of December 31, 2004, 2003 and 2002:
This excerpt taken from the PBR 6-K filed Jun 8, 2005. Reserves
Proved reserves in Brazil, which are estimated by our management in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), amounted to 10.57 billion and 10.40 billion barrels of oil equivalent for 2004 and 2003, respectively. Total production decreased 2.1% to 602 million barrels of oil equivalent for 2004, as compared to 615 million barrels of oil equivalent for 2003. As of December 31, 2004, our proved reserves to production ratio was 17.6 years.
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