In 2023, Brazil’s known oil reserves expanded by 6.98%, with reports showing a total of 15.894 billion barrels.
The National Agency of Petroleum (ANP) revealed that this increase resulted from annual production, new projects, commercial declarations, and technical and economic revisions.
The ANP’s report highlighted a reserve replacement ratio of 183.54%, adding about 2.278 billion barrels of new reserves. This ratio indicates a robust addition compared to the oil produced.
Furthermore, proven and probable reserves increased by 3.81%, and the total of proven, probable, and possible reserves grew by 2.26%.
These increases account for 22.779 billion barrels and 27.531 billion barrels, respectively.
Natural gas reserves also experienced significant growth, with proven reserves reaching 517.077 billion cubic meters.
Including probable and possible reserves, the totals grew to 640.979 billion cubic meters and 704.694 billion cubic meters, respectively.
These figures mark increases of 27.12%, 23.79%, and 25.35% compared to 2022.
These findings underscore Brazil’s strong performance in enhancing its oil and natural gas reserves.
They highlight the country’s strategic exploration and production efforts, emphasizing Brazil’s role in the global energy sector.
This reserve growth confirms Brazil’s effective management of energy sector challenges and opportunities, affirming its key position in the global market.
Background
Brazil’s rise in the global oil market showcases a dynamic shift powered by increased production and geopolitical changes.
Before the pandemic and the Ukraine-Russia conflict in 2019, China was the largest buyer of Brazilian crude oil, claiming 64% of purchases.
By 2023, this share had dropped to 46.6%, while the European Union (from 6.9% to 23%) and other Asian countries (from 7% to 9%) significantly increased their stakes.
From 2019 to 2023, Brazil’s oil sales surged from $24.2 billion to $42.5 billion, with exports to China growing 28% and to other regions by 60%.
As Funcex economist Daiane Santos notes, this diversification highlights Brazil’s strategic adaptation to changing global demands, especially as China faces economic slowdowns.