Brazil’s Petrobras saw its proven oil and gas reserves increase by 500 million barrels last year, from 10.9 billion barrels to 11.4 billion barrels, the company said this week as quoted by Reuters. As much as 85% of this total was in the form of crude oil and condensates with the remainder natural gas, Petrobras also said. The company also added 1.3 billion barrels of oil equivalent to its total reserves, while production came in at 900 million barrels of oil equivalent. Last November, the Brazilian state energy major said it planned to spend…
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