UPDATE 1-Petrobras proven oil reserves up 1.9 percent in 2013
By Jeb Blount BRASILIA, Jan 14 (Reuters) - Brazil's state-run oil company Petroleo Brasileiro SA, or Petrobras, said on Tuesday its proven reserves rose 1.9 percent in 2013 as asset sales and the natural decline of older areas limited the impact of reserve additions from new fields in Brazil. Petrobras had 13.1 billion barrels of proven oil and equivalent natural gas (boe) at the end of the year compared with 12.9 billion barrels a year earlier, the Rio de Janeiro-based company said in a statement. The figure is based on U.S. Securities and Exchange Commission, or SEC, standards for the accounting of oil and natural gas. Reserves are equal to about 18 years of current Petrobras output. Petrobras reserves have grown slowly in recent years despite more than a decade of increased spending and a plan to spend $237 billion through the end of 2017, most of it on new crude oil exploration and production. The corporate investment program is the world's largest and has allocated an average $47.4 billion of spending a year. "The numbers are another in a series of disappointing reserve announcements," said Cleveland Jones, a professor of geology at the Brazilian Petroleum Institute at the Rio de Janeiro-State University. "Going forward though, we are likely to see somewhat better results. Petrobras' former Chief Executive Officer Jose Sergio Gabrielli, who gave up his job in 2011 to current CEO Maria das Graças Foster, had predicted the company would have about 30 billion barrels of reserves by now thanks to giant offshore discoveries south of Rio de Janeiro. Under the less rigid standards of the Society of Petroleum Engineers, or SPE, the company's proven reserves rose 0.8 percent to 16.5 billion barrels of oil and equivalent natural gas in 2013. The SEC proven reserve standards are stricter than the SPE standards with regard to the company's ability to profitably produce the oil that is discovered. Table with Petrobras proven reserves: PETROBRAS (SEC standards) 2013 Oil and Condensate (bln barrels) 11.032 Natural Gas (bln cubic meters) 334.691 Oil equivalent (bln boe) 13.123
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