January 30, 2025 [Reuters]- Brazilian state-run oil firm Petrobras said on Wednesday that its estimated proven reserves of oil, condensate and natural gas rose to 11.4 billion barrels of oil equivalent (boe) last year from 10.9 billion in 2023.

Petrobras said 85% of the estimated reserves are of oil and condensate, while the remaining 15% are natural gas.

The reserves estimate was determined in line with guidelines set by the U.S. Securities and Exchange Commission.

Petrobras added 1.3 billion boe to its reserves last year, offseting a production of 900 million boe.

The firm said the boost in total reserves came mainly due to the continued development of its Atapu and Sepia fields and to good performance of assets including the Buzios, Itapu, Tupi and Sepia fields.

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