Petrobras discloses its proved reserves of oil, condensate and natural gas, according to SEC (US Securities and Exchange Commission) regulation, estimated at 12.1 billion boe, as of December 31, 2025.
Oil and condensate, and natural gas correspond to 84% and 16% of this total, respectively.
In 2025, Petrobras followed the trajectory of significant reserves addition (1.7 billion boe), maintaining focus on providing value for the society and shareholders, pursuing energy security for the country's sustainable development and for a just energy transition. The reserve replacement rate (RRR) was 175%, even after a record annual production in 2025. The proved reserves-to-production ratio (R/P) is 12.5 years.
The reserves addition occurred mainly due to the outstanding performance of the assets, with emphasis on Búzios, Tupi, Itapu and Mero fields in Santos Basin, to the progress in the development of Budião, Budião Noroeste and Budião Sudeste fields in the deep waters of Sergipe-Alagoas Basin, and to new wells mainly in Búzios, Tupi, Marlim Sul and Jubarte fields in Santos and Campos basins. There were no relevant changes related to the variation in the oil price, highlighting the resilience of our projects.
The evolution of proved reserves is shown in the graph.
Apparent differences in sums are due to rounding. [1] Does not consider: (a) natural gas liquids, since the reserve is estimated at a reference point prior to gas processing, except in the United States and Argentina; (b) volumes of injected gas; (c) production from extended well tests in exploration blocks; and (d) production in Bolivia, since the Bolivian Constitution does not allow the registration of reserves by the company.
Considering the expected production for the coming years, it is essential to continue investing in maximising the recovery factor of already discovered assets, exploring new frontiers and diversifying the exploratory portfolio in Brazil and abroad to replace oil and gas reserves.
Petrobras has submitted more than 90% of its proved reserves, as defined under SEC regulations, to independent third-party evaluation. Currently, this evaluation is conducted by DeGolyer and MacNaughton (D&M).
Petrobras also estimates reserves according to the ANP/SPE (National Agency of Petroleum, Natural Gas and Biofuels / Society of Petroleum Engineers) definitions. As of December 31, 2025, the proved reserves according to these definitions reached 12.5 billion boe. The differences between reserves estimated by ANP/SPE definitions and those estimated using SEC regulation are mainly due to different economic assumptions and the possibility, under ANP reserves regulations, of recognising as reserves the volumes expected to be produced beyond the concession term in Brazilian fields.