January 14, 2014 / 10:32 PM / 4 years ago

Petrobras proven oil reserves up 1.9 percent in 2013

1 Min Read

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 to 13.1 billion barrels of
oil and equivalent natural gas (boe) in 2013 from the previous
    The figure is based on U.S. Securities and Exchange
Commission, or SEC, standards for the accounting of oil and
natural gas.
    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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