Petrobras Reserves Skyrocket

Brazil's federal energy company Petrobras stated the company had proven international reserves of oil and gas of 1.9 billion barrels of oil equivalent (bboe) at the end of 2003, up 72% from 1.1bboe a year earlier.

International reserves of oil were 1.01 billion barrels and 5.34 trillion cubic feet (tcf) of gas at December 31, 2003, up from 320 million barrels and 4.82tcf respectively a year earlier.

The increase is due mainly to Petrobras gaining control of Argentine energy company Petrobras Energia. Petrobras has assets in Argentina, Bolivia, Peru, Ecuador and Venezuela, as well as operational developments in Nigeria.

Overall, Petrobras had 14.5bboe when added to the 12.6bboe of national proven reserves at the end of 2003, up from 11.6bboe a year earlier.