Petrobras discloses its proved reserves of oil, condensate and natural gas, according to SEC  regulation, estimated at 11.4 billion barrels of oil equivalent, as of December 31, 2024. Oil and condensate, and natural gas correspond to 85% and 15% of this total, respectively.

In 2024, Petrobras followed the trajectory of reserves addition (1.3 billion boe), with a reserve replacement rate (IRR) of 154%, focusing on profitable assets and keeping alignment with the search for a just energy transition, generating value for society and shareholders.

The reserves addition occurred mainly due to the progress in the development of Atapu and Sépia fields, and to the good performance of the assets, with emphasis on Búzios, Itapu, Tupi and Sépia fields in Santos Basin. There were no relevant changes related to the variation in the oil price.

Considering the expected production for the coming years, it is essential to continue investing in maximizing the recovery factor, exploring new frontiers and diversifying the exploratory portfolio to replace oil and gas reserves.

Petrobras historically submits at least 90% of its proved reserves according to SEC definition to independent evaluation. Currently, this evaluation is conducted by DeGolyer and MacNaughton (D&M).

Petrobras also estimates reserves according to the ANP/SPE (National Agency of Petroleum, Natural Gas and Biofuels / Society of Petroleum Engineers) definitions. As of December 31, 2024, the proved reserves according to these definitions reached 11.7 billion barrels of oil equivalent (boe). The differences between the reserves estimated by ANP/SPE definitions and those estimated using SEC regulation are mainly due to different economic assumptions and the possibility of considering as reserves the volumes expected to be produced beyond the concession contract expiration date in fields in Brazil according to ANP reserves regulation.