Page 14 - LatAmOil Week 12 2023

LatAmOil NEWS IN BRIEF LatAmOil

Highlights: Conventional Natural Gas and barrels, respectively, totaling 37 bcfe. and a new area of focus in the Middle Magda-
Light/Medium Crude Oil Proved + Probable Concurrent drilling operations through to lena Valley Basin. Over the past decade, we have
Reserves (2P) increased by 7.5% since Decem- year end resulted in discoveries at Chimela on added more than 880 bcf of 2P conventional
ber 31, 2021, totaling 652bn cubic feet equivalent the VMM45 block, Saxofon on the VIM5 block, natural gas reserves from success in 35 out of
(bcfe) at December 31, 2022, with a before tax and Dividivi on the VIM33 block. However, 41 drilled exploration wells resulting in a 22%
value discounted at 10% of $1.9bn, representing by the December 31, 2022 effective date of the Compound Annual Growth Rate (CAGR) in
both CAD76.67 per share of reserve value, and report, limited production testing could occur 2P conventional natural gas reserves. With our
CAD53.79 per share of 2P net asset value (net of impacting 1P reserve bookings. 1P F&D of exploration focused drilling campaign in 2023
$578.2mn of net debt). $2.60 per mcfe for the three-year period ending and a portfolio of 178 identified prospects and
Reserve replacement of 169% based on cal- December 31, 2022. leads containing mean unrisked prospective
endar 2022 conventional natural gas and light/ RLI of 5.2 years based on annualised Q4 2022 conventional natural gas resources of 20.5 tril-
medium crude oil reserve additions of 79.5 bcf conventional natural gas production of 177,985 lion cubic feet, according to our 2021 third party
and 5.7mn barrels, respectively, totaling 112 cubic feet per day or 31,225 boepd. RLI of 4.5 resource report, we anticipate many more years
bcfe. 2P Finding and Development Cost (F&D) years based on conventional natural gas produc- of successful exploration drilling. Our 2023 work
of $1.87 per mcfe for the three-year period end- tion guidance of 206,000 cubic feet per day for programme will also test, appraise and tie in
ing December 31, 2022. calendar 2023 (high end 2023 production guid- recent discoveries, and bring multiple currently
Recycle ratio of 1.7x for the year ended ance as announced December 20, 2022). non-producing wells back into production.”
December 31, 2022 (calculated based on the Conventional Natural Gas and Light/ Canacol Energy, 21 March 2023
natural gas netback of $3.68 per Mcf for the year Medium Crude Oil Total Proved + Probable
ended December 31, 2022). Recycle ratio of 1.9x + Possible Reserves (3P): Increased by 14.3%
for the three-year period ending December 31, since December 31, 2021, totaling 1,088 bcfe POLICY
2022 (calculated based on the weighted average at December 31, 2022, with a before-tax value
natural gas netback of $3.55 per Mcf for the years discounted at 10% of $3.1bn, representing both Petrobras reports on
ended December 31, 2022, 2021 and 2020). CAD124.36 per share of reserve value, and
Reserves life index (RLI) of 10.0 years based CAD101.48 per share of 3P net asset value (net election of company’s
on annualised Q4 2022 conventional natural of $578.2mn of net debt).
gas production of 177,985 cubic feet per day or Reserve replacement of 304% based on cal- new executive board
31,225 barrels of oil equivalent per day (boepd). endar 2022 conventional natural gas and light/
RLI of 8.7 years based on conventional natural medium crude oil reserve additions of 124.8 bcf Petrobras, in addition to the material facts dis-
gas production guidance of 206,000 cubic feet and 13.6mn barrels, respectively, totaling 202 closed on February 2, 2023 and February 17,
per day for calendar 2023 (high end 2023 pro- bcfe. 3P F&D of $1.05 / Mcf for the three-year 2023, informs that its Board of Directors elected
duction guidance as announced December 20, period ending December 31, 2022. as of March 29, 2023, with term of office until
2022. RLI of 16.8 years based on annualised Q4 April 13, 2025, the following members to the
Conventional Natural Gas and Light/ 2022 conventional natural gas production of Executive Board:
Medium Crude Oil Total Proved Reserves 177,985 cubic feet per day or 31,225 boepd. RLI • Mr. Sergio Caetano Leite to the position of
(1P): Decreased by 7.9% since December 31, of 14.5 years based on conventional natural gas Chief Financial and Investor Relations Officer;
2021, totaling 339 bcfe at December 31, 2022, production guidance of 206,000 cubic feet per • Mr. Joelson Falcão Mendes to the position
with a before tax value discounted at 10% of day for calendar 2023 (high end 2023 production of Chief Exploration and Production Officer;
$1.0bn, representing both CAD39.32 per share guidance as announced December 20, 2022). • Mr. Carlos José do Nascimento Travassos to
of reserve value, and CAD16.43 per share of 1P Ravi Sharma, COO, said: “We are pleased to the position of Chief Production Development
net asset value (net of $578.2mn of net debt). report our 2022 year-end reserves. We achieved a Officer;
Reserve replacement of 56% based on calendar 2P Reserve Replacement Ratio of 169%, demon- • Mr. Claudio Romeo Schlosser to the posi-
2022 conventional natural gas and light/medium strating organic growth in both our traditional tion of Chief Trading and Logistics Officer;
crude oil reserve additions of 31.5 bcf and 1.0mn core area in the Lower Magdalena Valley Basin • Mr. William França da Silva to the position
of Chief Refining and Natural Gas Officer;
• Ms. Clarice Coppetti to the position of Chief
Institutional Relations and Sustainability Officer,
and
• Mr. Carlos Augusto Burgos Barreto to the
position of Chief Digital Transformation and
Innovation Officer.
The Board of Directors also re-elected the
Company’s CEO, Mr. Jean Paul Prates, for a new
mandate of two (2) years, until April 13, 2025
The nominations were submitted to the inter-
nal corporate governance procedures, including
the respective analyses of compliance and integ-
rity required for the company’s succession pro-
cess, which included the analysis of the People
Committee and then deliberation by the Board
of Director.
Petrobras, 22 March 2023

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