By Brazil Stock Guide – Petrobras said its proved reserves of oil, condensate and natural gas rose to 12.1 billion barrels of oil equivalent at the end of 2025, even as the company delivered record production during the year. The figures were calculated under criteria set by the US Securities and Exchange Commission.
According to the company, oil and condensate accounted for 84% of total proved reserves, with natural gas making up the remaining 16%. Petrobras (PBR US) added 1.7 billion barrels of oil equivalent in proved reserves in 2025, resulting in a reserve replacement ratio of 175%.
The expansion was driven mainly by strong performance in core offshore assets. Petrobras highlighted fields such as Búzios, Tupi, Itapu and Mero, all located in the Santos Basin, as key contributors. Additional gains came from progress in the Budião, Budião Northwest and Budião Southeast fields in deep waters of the Sergipe-Alagoas Basin, as well as new well projects in Búzios, Tupi, Marlim Sul and Jubarte, across the Santos and Campos basins.
The company said the ratio between proved reserves and annual production stands at 12.5 years. Petrobras added that fluctuations in oil prices had no material impact on reserve estimates, underscoring what it described as the resilience of its project portfolio.
More than 90% of Petrobras’ proved reserves have been submitted for independent certification under SEC standards. The current certifying firm is DeGolyer and MacNaughton. Petrobras also reports reserves under criteria set by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels and the Society of Petroleum Engineers.
Under the ANP/SPE methodology, proved reserves totaled 12.5 billion barrels of oil equivalent as of Dec. 31, 2025. Petrobras said differences between the two methodologies are mainly linked to distinct economic assumptions and to the possibility, under ANP rules, of including volumes beyond concession contract terms in Brazil.
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