Petrobras’ Bigger Reserve Base Signals Brazil Can Keep Pumping Longer Than Markets Assume

2026-01-29 - 10:30

Key Points Petrobras says proved reserves rose to 12.1 billion boe in 2025, extending its reserve life to 12.5 years. The company replaced 175% of what it produced, even as 2025 output hit record levels. Most of the gains came from pre-salt performance and new wells in Brazil’s biggest offshore hubs. Petrobras ended 2025 with