Sao Paulo, Jan 13 (IANS/EFE) Brazilian state-controlled oil giant Petrobras said its oil and gas reserves rose to 16.41 billion barrels in 2011, up 2.7 percent from the prior year.
The reserve figures conform to National Petroleum, Natural Gas and Biofuels Association and Society of Petroleum Engineers, or SPE, standards, Petrobras said in a statement.
Some 96 percent of Petrobras’s reserves are in Brazil and the remainder are abroad.
Petrobras, based on SPE standards, had a reserve replacement rate of 148 percent in 2011, when it produced 889 million barrels of petroleum.
The company’s reserve to production ratio was 18.5 years as of Dec 31.
Reserves increased in the past year due to the “incorporation of new areas discovered in the pre-salt layer in the Santos and Campos basins, new discoveries in Brazilian waters and in the Gulf of Mexico, and to production at ‘mature’ fields in Brazil and abroad”, Petrobras said.