Petrobras oil reserves fell 8% in 202

Brazil’s state-run oil company Petrobras ended 2020 with proven reserves of oil, condensate and natural gas of 8.816 billion barrels, it said in a securities filing on Tuesday, down about 8% from the previous year.

The company said its replacement rate was 29% of last year’s production, adding the impact of asset sales, totaling an equivalent 117 million barrels of oil equivalent, was not relevant in the total value of reserves.

reuters