Petrobras Reports Significant Increase in Proven Reserves for 2025, Expands Indian Oil Sales Agreements

Petrobras Boosts Proven Reserves to 12.1 Billion BOE

Petrobras, Brazil's state-controlled oil and gas giant, announced on Wednesday, January 29, 2026, a significant increase in its proven oil, condensate, and natural gas reserves for the year ending December 31, 2025. The company's total proven reserves, reported under U.S. Securities and Exchange Commission (SEC) regulations, reached 12.1 billion barrels of oil equivalent (boe). This marks an increase from 11.4 billion boe reported at the end of 2024.

The company added approximately 1.7 billion boe to its reserves in 2025, achieving a robust reserve replacement rate of 175%. This indicates that Petrobras added 1.7 barrels for every barrel produced during the year, even amidst record annual production. The proved reserves-to-production ratio now stands at 12.5 years. Oil and condensate constitute 84% of the total reserves, with natural gas making up the remaining 16%.

Key Contributors to Reserve Growth

The substantial increase in reserves is primarily attributed to the strong performance of key assets and the development of existing projects. Petrobras highlighted the outstanding performance of fields such as Búzios, Tupi, Itapu, and Mero in the Santos Basin. Additionally, progress in the development of the Budião, Budião Noroeste, and Budião Sudeste fields in the deep waters of the Sergipe-Alagoas Basin, along with new wells in the Marlim Sul and Jubarte fields across the Santos and Campos basins, also contributed significantly to the growth.

Petrobras noted that the reserve estimates were not significantly impacted by fluctuations in oil prices, underscoring the resilience of its project portfolio. The company also estimates reserves according to ANP/SPE (National Agency of Petroleum, Natural Gas and Biofuels / Society of Petroleum Engineers) definitions, which totaled 12.5 billion boe as of December 31, 2025.

Expanded Oil Sales Agreements with Indian Refiners

In a related development, Petrobras announced the renewal and expansion of its long-term crude oil supply agreements with India's leading state-owned refiners: Indian Oil Corporation Limited (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL). These agreements, signed during the India Energy Week in Goa, represent potential sales of up to 60 million barrels of Brazilian crude, with a total value that could exceed $3.1 billion. The contracts are set to remain in force until March 2027.

Under the revised terms, Petrobras will supply IOC with up to 24 million barrels over a 12-month period, with an option for renewal. For BPCL and HPCL, the maximum contractual volume for each agreement has been tripled from 6 million barrels to 18 million barrels. Cláudio Schlosser, Petrobras' director of logistics, commercialization and markets, stated that 'These contracts reinforce Petrobras' presence in the Indian market and contribute to the diversification of our crude export client base.' These expanded agreements are part of Petrobras' strategy to strengthen strategic partnerships and deepen its exposure to growing Asian demand, particularly for Brazilian pre-salt grades.