Brazil’s proven oil reserves grew 5.9% in 2024, reaching 16.84 billion barrels, according to the National Agency of Petroleum (ANP). The total volume of proven and probable reserves (2P) rose by 4.4%, while proven, probable, and possible reserves (3P) increased by 4.3%. Companies operating in Brazil reported 24.07 billion barrels in 2P reserves and 29.18 billion in 3P reserves. Proven reserves refer to oil and gas that can be commercially recovered with at least 90% certainty. Probable reserves have a 50% chance of recovery, while possible reserves have a 10% probability. The proven reserves replacement index for 2024 was 176.6%, meaning 2.17 billion barrels were added to reserves.
Source: Nova Cana
BRAZIL TO SEE 5.9% INCREASE IN ITS PROVEN OIL RESERVES IN 2024, SAYS ANP
Published On - 4 de April de 2025